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Canadian savings calculator

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Savings calculator turns out to be an important tool when it comes to investing or saving your money. Canadian savings calculator also helps you to know as to how much amount you require at the end of the savings term. It is so because with help of savings calculator you save some amount every month while this amount would be of great use in near future. To have idea of what would be exact amount if you start saving now and what is going to be end result then you use this online Canadian savings calculator. Some people refer it as investment calculator in Canada as well.

In order to make proper use of this calculator you must provide some details so that calculations end in expected result. Below you find step by step process of how to use savings cum investment calculator. You know simple interest rate formula and compound interest rate formula below.

Canadian savings calculator

SimpleCompound*

Facts to remember

Your focus should be on starting balance that you wish to save. Next comes the rate of return. This return depends on the number of contributions you made. It also considers the number of years you plan to keep investing so that you retire peacefully and with enough money to survive retirement.

You can now scroll this page to know complete process for using savings calculator or the best investment calculator which calculates compound interest as well as simple interest.

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How to use Canadian savings calculator

  • To use savings calculator you either select ‘simple’ or ‘compound’
  • Next you enter amount to be deposited
  • You also indicate number of years of savings and rate of interest

You see result of this savings amount on screen. On other hand interest compounds on yearly basis; so you do not confuse yourself in this aspect. Interestingly savings calculator gives you clear idea as to what will be total savings besides interest that you earn on this amount. You may also use this calculator as GIC calculator or GIC interest calculator.

How to calculate savings manually

To calculate savings manually you use one of the below given formulae –

Formula to calculate simple interest

\(I=Prt\)

Here I = Interest owned, P = principal, t = duration or time and r = rate of interest

Formula to calculate compound interest

\(FV=P(1+\frac{i}{{c}}) ^{n \times c}\)

In this formula FV = future value or result, P = principal, c = compounding frequency, I = annual rate of interest, n = number of years

Hence in simple manner you know how to calculate savings using Canadian investment calculator. You may use formula to calculate savings as well.

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