See how fast your savings grow with monthly contributions and compound interest — and how long it takes to reach a goal, or how much you need to save each month to get there. The return is your assumption: the math is monthly compounding, with contributions at the end of each month.
Project your savings growth
Returns are your assumption, not a prediction. Monthly compounding, contributions at the end of each month.
Reach a savings goal
Or work backwards: enter the years you have, and we work out the monthly amount.
The goal mode solves month by month, with contributions at the end of each month. The account-type choice above changes only the tax note, never the math.
How to use this calculator
For growth: enter your starting balance, your monthly contribution, the annual return you want to assume, the number of years and an inflation rate. The table shows what happens year by year, and the inflation line shows what the end balance is worth in today’s dollars.
For a goal: enter your target, your starting balance, your monthly contribution and the return — the calculator works out how many months it takes and the month and year you get there. Enter a number of years instead and it works out the monthly amount needed. The account-type choice changes only the tax note: inside a TFSA the growth is tax-free, in a non-registered account it is pre-tax and tax is not modelled.
Frequently asked questions
How is the growth calculated?
With monthly compounding and contributions added at the end of each month. The end balance is the starting balance grown at the monthly return, plus the future value of the monthly contribution series: starting balance × (1 + r)^n + monthly contribution × (((1 + r)^n − 1) / r), where r is the monthly return and n is the number of months.
What return should I enter?
Your own assumption — a long-run average you think is reasonable for the investment. It is not a prediction and no return is promised. Try a low return as well as a high one to see the range of outcomes.
How long will it take to reach my goal?
The savings-goal mode solves month by month: it compounds your balance each month, adds your contribution at the end of the month, and stops at the first month your balance reaches the target. It then shows the number of months, the years, the month and year you get there, and the balance in that month.
Can it work out the monthly amount instead?
Yes. Enter your target, starting balance, return and the number of years, and the reverse solve works out the monthly contribution needed to reach the target in that time.
Does the account type change the math?
No. The TFSA / non-registered choice changes only the tax note. Inside a TFSA the growth is tax-free; in a non-registered account the growth is pre-tax and tax is not modelled here. The numbers are the same either way.
Why monthly compounding when Canadian mortgages use semi-annual compounding?
Canadian mortgages compound semi-annually by law, but this calculator models investment growth, not a mortgage. It uses the return you enter as a monthly-compounded assumption — do not import mortgage compounding here.
Methodology and sources
Methodology: Growth is calculated with monthly compounding and contributions added at the end of each month: future value = starting balance × (1 + r)^n + monthly contribution × (((1 + r)^n − 1) / r), where r is the monthly return and n is the number of months. The inflation-adjusted (real) balance divides the nominal end balance by (1 + inflation)^years. The savings-goal mode solves month by month until the balance first reaches the target; the reverse solve inverts the same formula to find the monthly contribution. The return you enter is your assumption, not a prediction.
A note on compounding: Canadian mortgages compound semi-annually, but this calculator models investment growth, not a mortgage — it uses the return you enter as a monthly-compounded assumption, so do not import mortgage compounding here.
Source: The formulas above — the future value of a lump sum plus the future value of a monthly contribution series — are the standard compound-interest formulas. There is no external rate source: every rate on this page is entered by you.
Methodology verified November 9, 2026.
How we keep this calculator honest: The growth and goal formulas are checked against hand-calculated cases — $10,000 plus $500 a month at 7% for 10 years gives $106,639.02, and $5,000 plus $400 a month at 5% reaches $50,000 in 89 months — before publication.
Your numbers never leave this page. This calculator runs entirely in your browser — nothing you enter is stored or sent anywhere.
General information only — not financial advice. Returns are your own assumption and are not guaranteed; investment values can go down as well as up.
Related tools
See where that growth should sit: check your TFSA Room Calculator, or compare accounts in the RRSP vs TFSA Calculator. For the full comparison, read RRSP vs TFSA: The Two Tax Rates That Decide Everything.