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    Cool Million Calculator (Canadian)

    Get a Cool Million Calculator (Canadian) branded for your website! Colorful, interactive, simply The Best Financial Calculators!
    What might it take to save one million dollars? This financial calculator helps you find out. Enter in your current savings plan and graphically view your financial results for each year until you retire. Press the "View Report" button for a report that helps you see when you might hit your cool million - and what you might be able to do to possibly achieve this goal.
    By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.



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    Cool Million Calculator (Canadian)
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    **FIG_GRAPHTITLE** Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.

    Cool Million Calculator (Canadian) Definitions

    Your age

    Your current age in years.

    Millionaire target age

    The age you want to become a millionaire. For example, to find out what it could take to be a millionaire by age 40, enter 40 here.

    Amount currently invested

    Total value of all of your current investments. Although you could include your home and personal property in this amount - it is a bit more accurate to include only your savings, retirement accounts and investments.

    Savings per month

    The amount you will contribute each month to your investments. This calculator assumes that all savings are added to your account at the beginning of the month.

    Expected rate of return

    This is the annually compounded rate of return you expect from your investments. For the purposes of this calculator, taxation is not factored into the results. If you pay taxes on the interest, dividends or capital gains from these investments, you may wish to enter your after-tax rate of return.

    The actual rate of return is largely dependent on the type of investments you select. For example, the total return including dividends of the S&P/TSX Composite Index for the 10 year period from December 31, 2014 through December 31, 2024 was 8.7% (source www.spglobal.com). 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.

    Expected inflation rate

    What you expect for the average long-term inflation rate.