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Savings Goal Calculator Canada
Find out how much to save per month to reach any financial goal
✓ TFSA & HISA · ✓ Growth Chart · ✓ Free
Amount already saved for this goal
Target date
HISA: 3-5% · GIC: 4-5% · Investments: 6-8%
Use TFSA?
e.g. annual tax refund or year-end bonus
Increase monthly savings each year (e.g. 5% raise)
To reach your goal
Down payment · $100,000
$2,600
/month
Months remaining to target date: 36 months
Required per period (monthly): $2,600
Total you'll contribute: $93,589
Interest earned: $6,411
Current savings contribution: $0
On track
Savings growth
Where to save
Balanced ETF Portfolio
~6% expected annual return
Mix of stocks and bonds, moderate risk for medium-term goals
VBAL · XBAL · ZBAL
* Rates are approximate and change frequently. Always verify current rates.
Frequently Asked Questions
How much should I save per month for a down payment in Canada?
For a $100,000 down payment in 3 years, saving in a HISA at 4.5%, you need approximately $2,580 per month. Using a TFSA maximizes your savings since interest grows tax-free. Our calculator shows the exact amount based on your target date and current savings.
How long does it take to save $20,000 in Canada?
Saving $500 per month in a HISA at 4.5% interest, it takes approximately 37 months (3 years) to reach $20,000. Contributing $1,000 per month cuts this to about 19 months. Interest earned reduces the time compared to saving with no return.
Should I use a TFSA or HISA to save for a goal?
For most savings goals in Canada, a TFSA held at a bank offering competitive interest rates is ideal. Your interest grows tax-free inside a TFSA, unlike a regular HISA where interest is taxable income. EQ Bank, Wealthsimple, and Tangerine offer competitive rates for TFSA savings accounts.
What is a good savings rate in Canada?
Financial planners recommend saving at least 20% of your after-tax income (the 50/30/20 rule). For specific goals, calculate backwards from your target — enter your goal amount and date in our calculator to find the exact monthly savings needed.
Should I save in a HISA or GIC?
For goals less than 12 months away, a HISA is better — it stays liquid. For 1-3 year goals, a GIC typically offers higher guaranteed rates and is CDIC insured. For goals 3+ years away, consider a balanced ETF portfolio for potentially higher returns, accepting some market risk.