Savings goal calculator
Canada · 2026 rates
Also for United Kingdom
Also for United StatesSaving for a down payment, a vehicle or an emergency fund? See how much to set aside each month, or how long it will take at the amount you can manage.
How the calculator works
Your current savings and every monthly deposit earn interest, which is added each month. The calculator works out the monthly amount that reaches your goal on time, or counts the months until you get there.
Example
To grow $5,000 into a $30,000 down payment in 4 years at 3%, save $478.36 a month. You pay in $27,961.19 and interest adds $2,038.81. Saving $500 a month gets you there in 3 years and 11 months.
Tax-free ways to save in Canada
| Account | 2026 limit | Best for |
|---|---|---|
| TFSA | $7,000 a year, plus unused room from past years | Any goal; withdrawals are tax-free |
| FHSA | $8,000 a year, $40,000 lifetime | First-time home buyers; contributions are tax-deductible |
| RRSP | 18% of last year's earned income, up to $33,810 | Retirement; the Home Buyers' Plan lets you borrow for a first home |
Frequently asked questions
Is interest on savings taxable in Canada?
Interest earned outside a registered account such as a TFSA, FHSA or RRSP is taxed as income at your marginal rate. Inside a TFSA it is tax-free.
How much should I keep in an emergency fund?
A common guide is three to six months of essential expenses, in an account you can access quickly.
Assumes a steady interest rate added monthly. Estimates for guidance only.
Last checked and updated: October 2026