Canada Savings Calculator
Project your savings growth with compound interest. Model TFSA and RRSP contributions and see your wealth build over time.
| Year | Balance | Contributed | Growth |
|---|---|---|---|
| 1 | CA$16,919 | CA$16,000 | CA$919 |
| 2 | CA$24,339 | CA$22,000 | CA$2,339 |
| 3 | CA$32,294 | CA$28,000 | CA$4,294 |
| 4 | CA$40,825 | CA$34,000 | CA$6,825 |
| 5 | CA$49,973 | CA$40,000 | CA$9,973 |
| 6 | CA$59,782 | CA$46,000 | CA$13,782 |
| 7 | CA$70,299 | CA$52,000 | CA$18,299 |
| 8 | CA$81,578 | CA$58,000 | CA$23,578 |
| 9 | CA$93,671 | CA$64,000 | CA$29,671 |
| 10 | CA$106,639 | CA$70,000 | CA$36,639 |
| 11 | CA$120,544 | CA$76,000 | CA$44,544 |
| 12 | CA$135,455 | CA$82,000 | CA$53,455 |
| 13 | CA$151,443 | CA$88,000 | CA$63,443 |
| 14 | CA$168,587 | CA$94,000 | CA$74,587 |
| 15 | CA$186,971 | CA$100,000 | CA$86,971 |
| 16 | CA$206,683 | CA$106,000 | CA$100,683 |
| 17 | CA$227,820 | CA$112,000 | CA$115,820 |
| 18 | CA$250,486 | CA$118,000 | CA$132,486 |
| 19 | CA$274,790 | CA$124,000 | CA$150,790 |
| 20 | CA$300,851 | CA$130,000 | CA$170,851 |
Frequently Asked Questions
What is a TFSA?
A Tax-Free Savings Account (TFSA) lets Canadians invest and grow money tax-free. Contributions are made with after-tax dollars, but all growth — interest, dividends, and capital gains — is completely tax-free. The 2024 contribution limit is $7,000, with a cumulative lifetime limit of $95,000 for those eligible since 2009.
What is an RRSP?
A Registered Retirement Savings Plan (RRSP) lets you contribute pre-tax income, reducing your taxable income today. Investments grow tax-deferred until withdrawal, when they are taxed as income. The 2024 contribution limit is 18% of your prior year earned income, up to $31,560.
How does compound interest work?
Compound interest means you earn returns on both your principal and your previously earned interest. Over time, this creates exponential growth — sometimes called 'the eighth wonder of the world.' The more frequently interest compounds (monthly vs annually) and the longer the time horizon, the more dramatic the effect.
TFSA vs RRSP — which is better?
Generally, TFSA is better if you expect to be in a higher tax bracket in retirement than now, or if you want flexibility (TFSA withdrawals are not taxable and room is restored). RRSP is better if you are in a high tax bracket now and expect lower income in retirement. Many Canadians benefit from using both.