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Don't Delay Your Savings Calculator! (Canadian)

Waiting to begin your savings plan may have an important impact on your results. A delay of even a few years could cost thousands of dollars. This calculator helps show you how much postponing your savings plan may really cost.

Don't Delay Your Savings Calculator! (Canadian) Definitions

Starting amount
The starting balance or current amount you have invested or saved. For this calculator, we assume your current savings is earning your annual rate of return whether you decide to delay your new contributions or not. For example, if you have a current balance of $1000 and never make any new contributions, your delayed and non-delayed results will be the same.
Additional contributions
The amount that you plan on adding to your savings or investment each period. The options include monthly, quarterly and annually. This calculator assumes that you make your contributions at the beginning of each period.
Years
The total number of years you are planning to save or invest.
Rate of return
The annual rate of return for this investment or savings account. The actual rate of return is largely dependent on the type of investments you select. For example, for the last thirty years the average annual rate of return for the TSX is about 10%. Savings accounts at a bank or credit union may pay as little as 2% or less. It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment.
Years to postpone saving
The number of years you might wait before you begin saving. We will then delay your new contributions for that number of years.
Frequency of contributions
How often you make contributions to your account. The options includemonthly, quarterly and annually. This calculator assumes that you make your contributions at the beginning of each period.
Cost of waiting
The difference in your savings or investment balance between your delayed and non-delayed plans.