The total savings which you will accumulate over the years is influenced by factors such as tax and inflation. This calculator can help you find the effect of these two factors on your savings. The report will show you a complete analysis and an appropriate early savings plan.
The number of years you have to save.
The amount you will contribute each month to your savings. This calculator assumes that you make your contribution at the beginning of each month.
Amount currently invested
Total you have saved to date to be included in this analysis.
Expected rate of return
This is the annually compounded rate of return you expect from your investments before taxes. The actual rate of return is largely dependent on the type of investments you select. For example, for the last thirty years the average annual rate of return for the TSX is about 10%. Savings accounts at a bank or credit union may pay as little as 2% or less. It is important to remember that future rates of return can’t be predicted with certainty and that investments that pay higher rates of return are subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment.
Marginal tax rate
Your marginal income tax rate.
Expected inflation rate
What you expect for the average long-term inflation rate.