Terms and conditions apply; rates are per annum and subject to change without notice. Eligible for CDIC deposit insurance. Non-Registered rates are tiered and based on your balance. 3.00% applies to deposits of $25,000 or more. See WealthONE website for current rates and applicable balance tiers. Highest rate in Canada for non-promotional HISA accounts, as confirmed by WOWA.ca as of June 25, 2026.
Savings & Investment Growth Calculator for Canadians
Savings goal reached! You will save $3,319 more than your goal.
| Year | Contribution | Estimated Interest | End Balance | Cumulative Interest | Total Contributions |
| 1 | $6,000 | $518.65 | $16518.65 | $518.65 | $16,000 |
| 2 | $6,000 | $784.23 | $23302.88 | $1,302.88 | $22,000 |
| 3 | $6,000 | $1,060.63 | $30363.51 | $2,363.51 | $28,000 |
| 4 | $6,000 | $1,348.29 | $37711.80 | $3,711.8 | $34,000 |
| 5 | $6,000 | $1,647.67 | $45359.47 | $5,359.47 | $40,000 |
| 6 | $6,000 | $1,959.25 | $53318.72 | $7,318.72 | $46,000 |
About this Calculator
This savings calculator estimates how your money can grow over time based on your starting balance, recurring contributions, time horizon, expected rate of return, and compounding frequency. It also compares your projected savings with your target amount, so you can see whether you are on track to reach your goal.
- Current Savings: The amount you already have saved today. If you are starting from scratch, enter 0.
- Contributions: The amount you plan to add to your savings on a recurring basis.
- Contribution Frequency: How often you plan to contribute, such as weekly, bi-weekly, monthly, quarterly, or annually.
- Time Duration: The length of time your savings will grow, assuming no withdrawals.
- Annual Rate of Return: The yearly return you expect to earn on your savings or investment.
- Compounding Frequency: How often your interest or returns are added to your balance. In general, more frequent compounding can help your savings grow faster over time.
- Savings Goal: The total amount you want to reach by the end of your chosen time period.
The earlier you start saving, the more time compounding has to work in your favour. Even small, regular contributions can build momentum over time, especially when your earnings stay invested and begin generating returns of their own.
Types of Savings and Investments in Canada
You can begin saving with a registered account, such as a Tax-Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP), which could also give you tax benefits. There are several types of savings and investments that you could consider, such as High-Interest Savings Accounts (HISAs), Guaranteed Investment Certificates (GICs), stocks, bonds, Exchange-Traded Funds (ETFs) and more.
1. High-Interest Savings Accounts (HISAs)
High-Interest savings accounts offer a higher interest rate than traditional chequing accounts and savings accounts. Depositing your money in a HISA is considered a safe way to grow your money. The interest rates depend on the Bank of Canada Rate and can change without prior notice.
Usually, the interest on a HISA account is calculated by multiplying the daily interest rate with the average daily balance and is deposited into your account at the end of every month. Before investing in a HISA, you should consider not just the interest rate but also factors such as account fees, deposit insurance, transfer fees and lock-in periods.
The accounts offering the highest interest rates in Canada are:
Terms and conditions apply. Rates are per annum and subject to change without notice. Eligible for CDIC deposit insurance. See WealthONE's website for current rates and applicable balance tiers. Highest rate in Canada for RRSP HISA accounts, as confirmed by WOWA as of July 24 2026
2. Guaranteed-Investment Certificates (GICs)
A GIC offers guaranteed returns on your investments over a particular time period. Investing in a GIC means that you are depositing your money with a bank or credit union for a fixed term such as a month, a year or five years. The interest rate varies across financial institutions and generally increases with the length of the term of the deposit. You may be penalized for withdrawing your money from a GIC before the end of the term.
GICs are considered to be low-risk investments, and are ideal for investors with a low risk appetite. You can select a GIC based on criteria such as fixed or variable interest rate, cashability and term length. Listed below are the best GIC rates available in Canada.
| Provider | 1-Year |
|---|---|
3. Stock Trading
By buying a company’s stock (also referred to as share), you essentially become a partial owner of the company. Stocks of a company can be bought and sold on stock exchanges where the company is listed. Owning a certain class of a company's stock also entitles you to the profit earned by the company. Part of this profit is usually paid out as dividend.
Stocks can be traded through a trading platform. Trading in individual stocks can be risky; however, risk-averse individuals can consider investing in relatively lower-risk options such as blue-chip stocks or defensive stocks.
Some common kinds of company stocks that you can buy in Canada are bank stocks, oil stocks, insurance stocks and asset-management stocks.
4. Mutual Funds
Mutual funds are the most common type of investment in Canada. In this type of investment, resources from multiple investors are pooled together to buy securities such as stocks, bonds, currencies and commodities. A mutual fund groups all these assets in a single fund and is thus a great way to diversify your investments. Mutual funds are managed by professional fund managers, who manage the buying and selling of securities within the fund. Mutual funds usually require a low initial investment. They are liquid as they can be redeemed on any day at the net asset value (NAV) at the end of that trading day.
5. Exchange-Traded Funds (ETFs)
An ETF, like a mutual fund, is also a type of investment fund that pools the resources of multiple investors and invests in a basket of securities such as stocks, bonds and commodities. The difference is that ETFs are traded on the stock exchanges throughout the trading hours, in the same way as stocks. Similar to stocks, ETFs also have a ticker symbol, and their prices also change throughout the day.
The risk level of the assets contained in an ETF determines the risk level of the ETF. ETFs are considered to be a transparent form of investment and have low upfront costs.
6. Real Estate Investment Trusts (REITs)
REITs are a great option if you want to invest in real estate without having the hassle of managing a property. At the same time, investing in real estate in the traditional way takes a lot of capital; but with REITs, you can start investing in real estate for much less.
REITs are basically real estate companies that use the investors’ money to buy and manage properties and distribute the income earned from the properties back to the investors. Similar to stocks, many REITs in Canada are also traded on the Toronto Stock Exchange (TSX).One can invest in REITs through a REIT mutual fund or a REIT ETF.
7. Bonds
Purchasing a bond essentially means loaning money to the government or a company, for which they pay you interest at a set rate. Government bonds are considered to be a risk-free form of investment; however, corporate bonds usually pay a higher interest. The return on a bond is called bond yield, which can be used to compare bonds. Bond maturities in Canada usually range from a month to 30 years.
Read more about the 10-year bond yield and 5-year bond yield of Canadian government bonds.
8. Treasury Bill (T-Bill)
T-Bills are another low-risk investment option available to Canadians. These are short-term debt securities, usually sold in denominations of $1,000. In Canada, the value of a T-Bill can range up to $1 million, and it needs to be held for a fixed term, which could range between a month to a year. T-Bills are said to be sold at a ‘discounted value’ and are subsequently redeemed at their face value. The difference between the two is what you earn.
9. Mortgage Investment Entities (MIEs) and Mortgage Investment Corporations (MICs)
Mortgage Investment Entities (MIEs) are investment vehicles that pool money from investors and lend it out as mortgages secured by Canadian real estate. They are part of Canada’s alternative lending market and are commonly used to finance borrowers who may not qualify for a traditional bank mortgage. An MIE can be structured as a corporation, trust, or partnership.
A Mortgage Investment Corporation (MIC) is a specific type of MIE defined under the Income Tax Act. In other words, all MICs are MIEs, but not all MIEs are MICs. MICs are structured to invest primarily in mortgages and distribute their net income to shareholders. In general, that income is passed through to investors and is typically taxed as interest income rather than as an eligible dividend.
For investors, MICs and other MIEs can offer exposure to a diversified pool of mortgages and may provide regular income through monthly, quarterly, or annual distributions. Depending on the portfolio and level of risk, returns may be higher than those from traditional savings products, but they are not guaranteed.
However, MIEs and MICs also come with important risks. Unlike savings accounts and GICs, they are not CDIC-insured, and many are relatively illiquid, meaning it may be difficult to sell or redeem your investment quickly. Investors can lose some or all of their capital, especially if borrowers default, property values decline, or the underlying mortgage portfolio takes on higher-risk loans.
If you are considering a MIC or MIE, it is important to review the offering documents carefully, understand how the mortgages are selected and managed, and confirm that the person or firm offering the investment is properly registered when registration is required. Securities regulators have issued guidance and taken enforcement action in cases involving improper registration and unsuitable sales practices in the MIE market.
Is a MIC or MIE right for your savings plan?
MICs and MIEs may appeal to investors who are looking for income and are comfortable taking on more risk than they would with a HISA or GIC. They may be better suited as part of a diversified portfolio rather than as a place to hold short-term cash or emergency savings.
Bottom Line
The savings and investment streams you choose can largely depend on your risk appetite and knowledge of available financial products. You should always research a product before investing in it to avoid any surprises later. If you are risk averse, you can consider investing in low-risk streams such as HISAs, GICs or government bonds. Even if you start by investing a small amount, your investments have the potential to grow exponentially as the interest compounds over time.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA® does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.