## CALCULATORS

Calculating your financial health is the first step in planning your financial future and achieving your goals. Whether you’re thinking about retirement, becoming debt-free or investing, the calculators below will help you understand where you are and what you need to do to build a financially successful future.

# COMPOUND INTEREST CALCULATOR

Compound interest is interest paid on interest. When talking about investment returns, it works to your benefit (on your credit card, not so much). Use the calculator below to determine how much your investment can grow over time by calculating compound interest.

Enter the initial deposit or principal investment amount.

Enter the estimated annual interest or the return you expect to earn on the investment.

Enter how many years your investment has to grow.

yrs

*Calculator assumes monthly compounding.

# Retirement Savings Calculator

When should you start saving for retirement? The sooner, the better.

yrs
yrs

The amount you plan to contribute to your savings on a regular basis. Your savings contribution limit for 2017 is 18 percent of earned income you reported on your tax return in the previous year, up to a maximum of \$26,010.

How often will you contribute the amount entered above?

Different kinds of investments, investment styles and market conditions will result in different rates of returns. A current suggested range is 2% to 8%.

Do you also have non-registered savings?

# TFSA SAVINGS CALCULATOR

Since a Tax-Free Savings Account (TFSA) is a registered account that provides tax benefits, it’s a great way to save. In most cases, investment income isn’t taxed, even when withdrawn. Try the calculator below to estimate the future values of your TFSA.

The amount of tax paid on an additional dollar of income. You can calculate your marginal tax rate here.

How many years does your TFSA have to grow?

yrs

Enter the amount you currently hold in your TFSA. This includes any contributions you've made as well as investment gains or losses.

The maximum amount that you can contribute to your TFSA is limited by your TFSA contribution room, the dollar limit for 2017 is \$5,500. Visit the CRA website for more details.

The expected annual rate of return on your investment over the investment time frame. Some investements have a set rate of return.

The amount you saved in taxes by saving using a TFSA vs. an RRSP.

# NET WORTH CALCULATOR

Your net worth is more than just a number reflecting your overall financial health. It’s way to assess your spending habits and determine opportunities for saving, investing, or debt repayment. Use the calculator below to determine your net worth and get a clear picture of your finances.

Category
Dollar Amount

### Liabilities (what you owe)

This tool is for illustrative purposes only, and the information obtained by using this tool is not, and should not be taken as, investment or financial advice to any person or company. Click here to view full disclaimer.

## Saved an extra \$100 per month

Adds \$100 a month in contributions, but creates

## Give up daily coffee purchases.

Adds \$128 a month in contributions, but creates

## Gave up weekly restaurant visits.

Adds \$200 a month in contributions, but creates

## More helpful tools and resources

Digging deeper into your finances or investments? We’ve got a suite of resources available to help empower you to make informed decisions.

## Glossary

Knowing the numbers is one thing, and knowing the jargon is another. Brush up on financial vocabulary with our handy glossary.

## Types of Investments

While every investment is unique, there are five main types. Learn the basics before you make any investment decisions.

## Budget Worksheet

At the core of every successful financial plan is a well thought out, comprehensive budget.

## More helpful tools and resources

Digging deeper into your finances or investments? We’ve got a suite of resources available to help empower you to make informed decisions.

When it comes to finance and investing, even the experts have questions. When it comes to answers, we’ve got your back.

## Glossary

Knowing the numbers is one thing, and knowing the jargon is another. Brush up on financial vocabulary with our handy glossary.

## Types of Investments

While every investment is unique, there are five main types. Learn the basics before you make any investment decisions.

## More helpful tools and resources

Digging deeper into your finances or investments? We’ve got a suite of resources available to help empower you to make informed decisions.

## Risk Tolerance Quiz

Regardless of the expected return or possible interest you could earn, it’s important to know your unique risk tolerance.

## Budget Worksheet

At the core of every successful financial plan is a well thought out, comprehensive budget.

## Can You Spot the Fraud?

Would you recognize an investment scam? Take our quiz and see if you can spot the fraud.

## RRSPs, TFSAS, AND TAXES

RRSPs are a great way for your money to grow. However, it’s important to note that if using a registered retirement savings plan (RRSP), you will need a larger account balance; every dollar that you redeem from an RRSP is taxable. On the other hand, funds withdrawn from a tax-free savings account (TFSA) are free of tax. And, in general, for assets outside these structures (non-registered investments, real estate, bank accounts, etc.) only the gains are taxable.