Starting amount
The starting balance or current amount you have invested or saved. If you haven't started saving yet, set the amount to '$0'.
Years
The total number of years you are planning to save or invest.
Additional contributions
The amount that you plan on adding to your savings or investment regularly.
Contribution frequency
How often your additional contributions will occur. Your choices are weekly (52 times per year), every other week (26 times per year), monthly, quarterly or annually.
Annual percentage yield (APY)
The annual rate of return for each savings account. 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, 2012 through December 31, 2022 was 7.6% (source spindices.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.
Make deposits at beginning of the period
Check this box to have all additional contributions happen at the beginning of each period. Uncheck this box for the end of the period. Making contributions at the beginning of each period allows your money to begin earning a return immediately increasing your return.
