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
For estimation only. Not professional financial, tax, or legal advice. Consult a qualified advisor before making decisions. Full disclaimer.
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.
Common questions about Savings
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.