Savings Goal Calculator
"How long to save $1 million?" or "How much do I need to contribute per month?" Compare the answer across a TFSA, RRSP, and non-registered account — all shown in after-tax spendable dollars.
The amount you can actually spend, net of withdrawal tax.
Federal + provincial combined. 30% is typical for middle-income Ontario/BC.
Post-tax contributions, completely tax-free growth and withdrawals
Tax-deductible contributions, tax-deferred growth, taxed on withdrawal
No tax advantages — 50% capital gains inclusion, dividend gross-up and credit
Frequently asked questions
How long will it take to save $1 million in Canada?
At 7% annual return with no starting balance, you need about $640/month for 40 years, $1,050/month for 30 years, or $1,900/month for 25 years to reach $1 million in a TFSA (tax-free). In an RRSP the pre-tax balance must be larger since withdrawals are taxed, and in a non-registered account annual tax drag stretches the timeline by several years.
Why does the RRSP number look smaller than the TFSA?
This calculator frames everything in after-tax spendable value. An RRSP balance is taxable on withdrawal — $1M in an RRSP at a 30% marginal rate is $700k after tax. The calculator shows what you can actually spend, not the gross account balance. RRSP still wins on total tax paid if your current rate is higher than your retirement rate (because of the upfront deduction — not modelled in the monthly number here).
What marginal tax rate should I enter?
Use your combined federal + provincial rate on your last dollar of income. Middle-income Ontario / BC residents are around 30%; higher earners in Ontario can be 43%+; Quebec tops out at 53.3%. If you're planning for retirement spending, use your expected retirement marginal rate for the RRSP comparison (often lower than current rate).
Does this account for TFSA / RRSP contribution limits?
No — it's a goal-seeking tool that assumes you stay within your allowances. 2026 TFSA room is $7,500/yr; RRSP room is 18% of prior-year earned income up to $33,810 for 2026. If the required monthly figure exceeds your allowance, split the contribution across wrappers (TFSA + RRSP + non-registered) or extend the horizon.
What return should I assume?
A diversified global equity portfolio has historically returned around 7% real (after inflation) per year over long horizons. A balanced 60/40 portfolio has been closer to 5-6%. Enter a real return (5-7%) if your goal is in today's dollars, or a nominal return (7-9%) if your goal is in future dollars. 7% is a common default.