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Compound Interest Calculator Canada
Free compound interest calculator: what a starting amount plus monthly savings grows to with daily, monthly, quarterly or yearly compounding, with a year-by-year table.
Your savings
After 10 years
$44,358
| You put in | $34,000 |
| Interest earned | $10,358 |
| Effective yearly rate | 4.07% |
Year by year
| Year | Put in | Interest | Balance |
|---|---|---|---|
| 1 | $12,400 | $452 | $12,852 |
| 2 | $14,800 | $1,020 | $15,820 |
| 3 | $17,200 | $1,709 | $18,909 |
| 4 | $19,600 | $2,524 | $22,124 |
| 5 | $22,000 | $3,470 | $25,470 |
| 6 | $24,400 | $4,552 | $28,952 |
| 7 | $26,800 | $5,776 | $32,576 |
| 8 | $29,200 | $7,148 | $36,348 |
| 9 | $31,600 | $8,673 | $40,273 |
| 10 | $34,000 | $10,358 | $44,358 |
Compound interest pays interest on your interest. At 5% a year money doubles in about 14 years (the rule of 72). Inside a TFSA interest is tax-free; in an RRSP it's taxed only when you withdraw; elsewhere it's added to your income each year.
Before tax and fees, same rate every year; monthly additions at the end of each month. Not legal, tax or financial advice. 🔒 Everything stays on your device.
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Questions people ask
How long does it take to double my money?+
Divide 72 by the yearly rate: about 18 years at 4%, 12 years at 6%.
Is interest taxed in Canada?+
Yes, as income each year, unless it's inside a TFSA (tax-free) or an RRSP (taxed when withdrawn).