Your estimated time to reach the goal
The estimate grows your savings month by month: each month the balance earns one month of the annual return you entered, then your monthly contribution is added.
Free tool · Canada · Estimate only
Savings Goal Calculator
Enter the amount you are aiming for, what you have saved already, what you can add each month and the annual return you want to test to see how long the goal takes, how much you put in and how much of the result is interest. This is an estimate only — plain arithmetic on the numbers you enter. It is not advice.
Written November 14, 2026
The total amount you are trying to reach.
What you have already saved toward this goal.
The amount you add every month, on top of your current savings.
The yearly return you want to test, as a percentage — for example, enter 5 for 5% a year. Enter 0 to see the timing with no return at all.
How the estimate works
The formula. Starting from your current savings, the balance is stepped forward one month at a time: balance = balance × (1 + annual return ÷ 12) + monthly contribution, until the balance first reaches the goal. At a 0% return this is simple division: months needed = (goal − current savings) ÷ monthly contribution, rounded up to the next whole month. Total you contribute = current savings + monthly contribution × months. Total interest = final balance − total you contribute. The estimate stops at 100 years (1,200 months); if the goal is not reached by then, the page says so instead of giving a date.
Assumptions printed. The result uses exactly the numbers you entered, with the return held steady, contributions added at the end of each month, and no tax, fees or inflation.
Sources: No external figure is used on this page. Every number in the result comes from the numbers you enter and the formula above.
Next step: read the full step-by-step guide: How to Open an FHSA in Canada