These 5 free savings calculators for Canada cover compound interest with monthly deposits, simple interest, GIC returns, net worth and a monthly budget. Type in your own balance, deposit and rate, and each one shows what you’d end up with in dollars. Interest on savings and GICs is taxable income unless the money sits in a registered account.
Which savings calculator should I use?
The right tool depends on the question you’re asking, and the table matches each question to a calculator.
- Interest Calculator (Simple & Savings)
Work out simple or compound interest on any amount.
- Compound Interest Calculator
See how savings grow with compound interest and monthly contributions.
- GIC Calculator
Work out the value of a GIC at maturity with simple or compound interest.
- Net Worth Calculator
Add up your assets and debts to see your net worth.
- Monthly Budget Calculator
Plan a monthly budget and see what is left over.
| Your question | Calculator and what it shows |
|---|---|
| How far will regular deposits grow? | The compound interest calculator takes a starting amount and monthly deposits, with a year by year table of what you paid in and what interest added. |
| How much interest on a deposit or loan? | The interest calculator compares simple, monthly compound and yearly compound interest over any number of years. |
| What will a GIC be worth at maturity? | The GIC calculator handles any amount, rate and term, with simple interest at maturity or compounding yearly, twice a year or monthly. |
| What am I worth today? | The net worth calculator subtracts mortgage, loans and card balances from your home, savings, investments and vehicles. |
| Is there money left each month? | The monthly budget calculator spreads take-home pay across housing, bills, food, transport, debt and savings and shows what is left or how much you are short. |
How is savings and GIC interest taxed in Canada?
In Canada, interest from savings accounts and GICs counts as income. The CRA’s page on line 12100, interest and other investment income says to report interest credited to you even if you didn’t get an information slip. Interest earned inside a TFSA or an RRSP isn’t taxed in the year it’s earned, so the TFSA room calculator and the RRSP calculator are worth a look before you pick an account.
Should I build a budget before chasing a better rate?
Start with the budget. The monthly budget calculator shows what’s left after bills, and that leftover is what a savings plan runs on. Then set up an automatic transfer on payday, which beats remembering to save. An emergency fund of three to six months of costs is a common first target. Once you’ve reached it, send extra money toward longer goals, and review the budget every few months because bills and income drift. The tools keep no record, so write down your figures if you want to compare next quarter.
Are the savings projections realistic?
No projection is a promise. The compound interest and GIC calculators assume a fixed rate and regular deposits, and rates change often, so enter the one your bank offers today, then try a lower rate as a check. Inflation shrinks what a dollar buys, so a result that looks big today will buy less in twenty years. Returns on stocks and funds also aren’t guaranteed the way GIC returns are.
Frequently asked questions
How often does interest compound?
It depends on the account. Savings accounts usually compound monthly, while GICs may compound yearly or at maturity. The interest and GIC calculators let you pick the compounding to match your offer.
Do I pay tax on GIC interest?
Yes, as income, unless the GIC sits in an RRSP, TFSA or another registered account. Interest in a non-registered account is reported on your tax return for the year it is earned or credited.
How much should I save?
A common starting point is a fifth of your income, but the right figure depends on your goals and costs. The monthly budget calculator shows how much is left to put aside after bills.
Does the site keep my numbers?
No. Calculations run in your browser and nothing goes to a server, so write down your figures if you want to compare them later.
What is the difference between simple and compound interest?
Simple interest is paid only on the original amount. Compound interest is also paid on the interest already earned, so the balance grows faster each period. The interest calculator shows both side by side.
Is a GIC better than a savings account?
A GIC locks your money for a fixed term at a fixed rate, while a savings account lets you withdraw anytime at a rate that can change. The GIC calculator shows what a given deposit earns by maturity.