# Savings, Interest and Budget Calculators

> Five free savings calculators for Canada: compound interest, GIC returns, simple interest, net worth and a monthly budget. No sign-up needed

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.

| 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](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12100-interest-other-investment-income.html) 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](https://tax-services.ca/calculators/rrsp-retirement/tfsa-calculator) and the [RRSP calculator](https://tax-services.ca/calculators/rrsp-retirement/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.

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Source: https://tax-services.ca/calculators/savings-budget
Last updated: 2026-10-01
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