Canada Savings Calculator
Project your savings growth with monthly contributions and compound interest. Compare HISA, GIC, and investment returns.
Details
Result
Ending Balance
C$82,510
Total Deposits
C$65,000
Interest Earned
C$17,510
High-interest savings in Canada
Top Canadian HISAs pay 3.5–5.5% (EQ Bank, Wealthsimple Cash, Neo, Simplii). Big-5 chequing banks still offer near-zero on savings — moving $10k+ to a HISA is usually the highest-return financial move most Canadians can make.
Insurance — CDIC vs provincial credit unions
CDIC covers up to $100,000 per category per member institution. Credit unions (like Meridian, Vancity) use provincial insurers with different limits — typically unlimited in Quebec, Manitoba and BC. Spread deposits across institutions if you hold more than $100k in cash.
Tax treatment
Interest earned in a regular (non-registered) savings account is taxed as ordinary income — at your full marginal rate. Holding the same cash inside a TFSA is 100% tax-free. A $50,000 HISA at 5% costs a 40%-bracket earner $1,000/year in tax — move it into a TFSA if you have room.
GIC vs HISA
GICs (Guaranteed Investment Certificates) lock in a rate for 1–5 years, usually 0.25–1% higher than HISAs. Laddering (5 GICs maturing in staggered years) balances liquidity and yield.
Frequently Asked Questions
Everything you need to know, in one place.
What HISA rates are available in Canada 2026?
Top HISAs (EQ Bank, Tangerine promo, Simplii promo, Neo Financial) offer 3.5%-5.0% APY. Big Six "savings accounts" pay 0.05%-0.5% — effectively zero. On a $20k balance that is $700-1000/yr vs $10 — always use a digital HISA.
What is a GIC and is it worth it?
Guaranteed Investment Certificate — lock in a fixed rate for 30 days to 5 years. Current rates: 4.0%-4.5% for 1-year, 3.5%-4.25% for 5-year. Works for known-date goals (down payment in 2 years). Returns taxed at full marginal rate outside TFSA/RRSP.
Savings vs investing — when does each win?
Savings/GIC for any goal within 3 years or emergency fund. Stock/ETF investing (via TFSA or RRSP) for 7+ year horizons. The 3-7 year zone is the judgment call — balanced ETFs in TFSA typically work.
Is my CDIC-insured savings account really safe?
The Canada Deposit Insurance Corporation insures eligible deposits up to $100,000 per category, per member institution, per person. Categories include: deposits in one name, joint deposits, RRSPs, RRIFs, TFSAs, FHSAs, trusts. A couple with RRSP+TFSA+joint+individual at one bank is insured for roughly $600k. Digital banks like EQ Bank, Simplii, Tangerine are CDIC members — same protection as Big Six. Credit unions are provincially insured (100% in some provinces like Ontario, Manitoba).
How is savings interest taxed outside registered accounts?
Interest from non-registered HISA, GIC, or bond coupons is taxed at your full marginal rate — the least tax-efficient income type. At a 43% marginal rate, 5% interest becomes 2.85% after tax. Banks issue a T5 slip if you earn $50+ in interest; you must still report amounts under $50. For taxable accounts, prefer Canadian-eligible dividends (partially tax-credited) or capital gains (50% inclusion) over interest. Park interest-bearing assets inside TFSA/RRSP whenever possible.
How much emergency fund should I keep in a HISA?
3 to 6 months of essential expenses is the standard rule: rent/mortgage, utilities, groceries, insurance, minimum debt payments. Single-income households and contract workers should target 6 months; dual-income salaried couples can get away with 3. Keep it in a top-paying HISA (EQ, Wealthsimple Cash, Tangerine), not a chequing account. Beyond the emergency fund, further savings should typically flow to TFSA/RRSP/FHSA registered accounts for tax shelter before non-registered savings — interest in a HISA loses 40%+ to tax at higher brackets.
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