Savings Calculator (Tax-Free Growth)
HOW IT WORKS
This calculator is appropriate for accounts whose return (or “interest”) is tax-free. Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs) are two of the most common of such accounts in Canada.
Enter the current value of the account as well as your expected annual contribution and the market return for the account. Finally, choose a number of years to project and the ‘Total’ field will automatically calculate what your account will grow to under those conditions.