Is this financial advice?

It is the arithmetic a planner starts from, using published assumptions, with every rule shown. It does not know your whole situation and does not recommend specific products. Use it to see the shape of a plan and the size of each piece, then act or take it to an advisor.

Why does the emergency fund come before my goals?

Because without it the first surprise bill goes onto a credit card at 20%, which undoes years of investment returns. Three months of bills in a high-interest savings account is the FCAC's minimum suggestion; the plan builds it within a year and then moves on.

Why pay debt before investing, but take the employer match first?

A debt at 20% is a guaranteed loss of 20% a year; no investment reliably beats that, so clearing it is the best return available. An employer match is the one exception: a 100% return the day the money lands, so you contribute enough to get all of it even while carrying debt.

How does it pick the account for each goal?

By what the goal is and when you need the money. Under three years: a savings account or GIC, because a bad year in the market would hit exactly when you need the cash. A first home: FHSA, deductible going in and tax-free coming out. A child's education: RESP, because of the 20% grant. Retirement: RRSP if your marginal tax rate is 30% or more, otherwise TFSA. Everything else: TFSA.

Where do the growth rates come from?

The FP Canada and Institut de planification financière Projection Assumption Guidelines, which Canadian financial planners are required to use as a baseline: about 2.7% for cash, 3.7% cautious, 5.0% balanced and 6.1% growth before fees, with 2.1% inflation. The plan deducts typical low-fee ETF costs of 0.3%.

What does 'money doubles every 12 years' mean?

The rule of 72: divide 72 by the yearly return to get the years it takes money to double. At 5.8% that is about 12 years, so $10,000 invested at 30 is roughly $70,000 at 65 without adding anything. It is why starting early matters more than picking the perfect investment.

What if I cannot fund every goal?

The plan funds goals soonest-first with the cash you have, then tells you when the rest would be reached at the affordable pace and how much a month you are short. Push a date, trim a target, or find the difference in your bills, and it re-sorts.

How is the retirement number calculated?

Planners commonly target 70% of pre-retirement income. The plan subtracts what CPP (at the average) and OAS (at the maximum) would cover, and divides the rest by a 4% withdrawal rate to get the savings needed. It then projects your current investments plus the retirement contributions in the plan to your retirement age.

My Money Plan: Where Every Dollar Should Go

Tell it what you earn, what your bills are, what you owe and what you are saving for. It hands back a monthly plan: how much to put where, in what order, in which account, with a growth chart for each goal, a retirement check, and tips calculated from your own numbers rather than generic advice.

Your salary

Bills and living costs, per month

Rent or mortgage, food, phone, transport: everything except debt payments

Cash you have saved

Your age

Province

How you feel about ups and downs

What are you saving for? (up to four)

Goal

Amount

In how many years

years

Goal 2

Amount

In how many years

years

Goal 3

Amount

In how many years

years

Goal 4

Amount

In how many years

years

Debts, mortgage, existing investments, employer match, retirement age

Credit card

Balance

Interest rate

Minimum payment per month

0 = 3% of balance

Car loan

Balance

Interest rate

Minimum payment per month

0 = 3% of balance

Student loan

Balance

Interest rate

Minimum payment per month

0 = 3% of balance

Mortgage

Balance

0 = no mortgage

Rate

Years left

years

What you already have

In your TFSA

In your RRSP

Other investments

Work and retirement

Employer RRSP match (% of salary)

Retire at

Partner's salary

0 = none. Their own take-home is added to the plan

You have, every month, after bills and minimum payments$2,107

From $5,307 of take-home pay in Ontario, $3,200 goes to bills. Here is where the rest should go, in order.

Bills and living $3,200Free to plan $2,107

Your plan: $2,107 a month, in this order

Emergency fund: 3 months of bills (HISA) $467Vacation (HISA) $244First home down payment (FHSA) $667First home down payment (TFSA) $222Left over: invest for later (TFSA) $361Left over: invest for later (RRSP) $146

1
$467 a month → Emergency fund: 3 months of bills in a HISA$9,600 in a high-interest savings account, reached in 12 months. It is what keeps a surprise off the credit card.
2
$244 a month → Vacation in a HISAHISA: money needed within three years stays in savings or a GIC, where it cannot fall. Needs $244 a month to reach $6,000 in 2 years at 2.7%.
3
$667 a month → First home down payment in a FHSAFHSA: deductible like an RRSP and tax-free for a first home, $8,000 a year. Needs $889 a month to reach $60,000 in 5 years at 4.7%. FHSA room is $8,000 a year ($667 a month); the other $222 goes to TFSA ($222).
4
$222 a month → First home down payment in a TFSATFSA: grows tax-free and can be taken out any time without touching your benefits. The FHSA room for this goal is full ($8,000 a year).
5
$361 a month → Left over: invest for later in a TFSAUnallocated money drifts. A TFSA keeps it tax-free and flexible; at 4.7% it doubles about every 15 years.
6
$146 a month → Left over: invest for later in a RRSPUnallocated money drifts. Your TFSA room ($7,000 a year) is full; the RRSP still defers the tax; at 4.7% it doubles about every 15 years.

Each goal, growing

Vacation$244 /month

$6,000 in 2 years in a HISA. You put in $5,846; growth add $154.

ValueWhat you put in

First home down payment$667 /month

$60,000 in 5 years in a FHSA. You put in $53,343; growth add $6,657.

ValueWhat you put in

Retirement check: a gap to close

At this pace you would have about $564,129 at 65. Replacing 70% of your income after CPP and OAS takes about $998,806. Closing the gap means about $460 more a month, starting now.

Saved so far$18,000

Going to retirement monthly$507

Return assumed4.7%

Your savingsWhat you need

Ideas that move the needle for you

1
At your income, the TFSA beats the RRSP for most goalsYour marginal rate is 29.7%, under 30%, so an RRSP refund is small and the money may be taxed at a higher rate later. Fill the TFSA first ($7,000 a year); the RRSP room keeps for higher-earning years.
2
At 4.7% your money doubles about every 15 yearsThe rule of 72: 72 ÷ the return ≈ years to double. $1,000 invested at 32 is about $4,552 at 65. Time matters more than picking winners.

What we assumed

Yearly return used

Returns follow the FP Canada projection guidelines for 2026 less typical low-fee ETF costs: cash 2.7%, cautious 3.7%, balanced 5.0%, growth 6.1% before fees of 0.3%. Money needed within 3 years stays in cash whatever your risk setting. Nothing here is advice about a specific product; it is the arithmetic a planner would start from.

Show the math

Take-home pay comes from the 2026 payroll formulas for your province. Free cash = take-home − bills − minimum debt payments. Order: employer match, then an emergency fund of 3 months of bills in a high-interest account (filled within a year), then debts at 7% or more (extra sized to clear them in two years), then goals soonest first, each in the account that fits: HISA under 3 years, FHSA for a first home, RESP for education (grant counted at 20%), RRSP for retirement when your marginal rate is 30% or more, otherwise TFSA. The monthly amount for a goal is the level deposit that reaches the target by the date at that horizon's return; if the cash runs out, later goals get what is left and the plan says when they would be reached. Retirement need = (70% × salary − average CPP − full OAS) ÷ 4%. All figures are in today's dollars.

How to open the accounts in the plan

Every account the plan names can be opened online in a few minutes at a bank, credit union or brokerage.

High-interest savings account for the emergency fund: any bank or an online bank; look for no fees and no minimum.FCAC: savings accounts ↗
TFSA and FHSA: open at a brokerage if you want to hold ETFs; open the FHSA as soon as you qualify so room starts accruing.Opening an FHSA ↗
RESP: open one per child or a family plan and fill in the grant form at the provider.Registered Education Savings Plans ↗
RRSP: check your room in CRA My Account; if your employer matches contributions, sign up for the group plan first.CRA My Account ↗

Common questions

Frequently asked questions

Is this financial advice?: It is the arithmetic a planner starts from, using published assumptions, with every rule shown. It does not know your whole situation and does not recommend specific products. Use it to see the shape of a plan and the size of each piece, then act or take it to an advisor.
Why does the emergency fund come before my goals?: Because without it the first surprise bill goes onto a credit card at 20%, which undoes years of investment returns. Three months of bills in a high-interest savings account is the FCAC's minimum suggestion; the plan builds it within a year and then moves on.
Why pay debt before investing, but take the employer match first?: A debt at 20% is a guaranteed loss of 20% a year; no investment reliably beats that, so clearing it is the best return available. An employer match is the one exception: a 100% return the day the money lands, so you contribute enough to get all of it even while carrying debt.
How does it pick the account for each goal?: By what the goal is and when you need the money. Under three years: a savings account or GIC, because a bad year in the market would hit exactly when you need the cash. A first home: FHSA, deductible going in and tax-free coming out. A child's education: RESP, because of the 20% grant. Retirement: RRSP if your marginal tax rate is 30% or more, otherwise TFSA. Everything else: TFSA.
Where do the growth rates come from?: The FP Canada and Institut de planification financière Projection Assumption Guidelines, which Canadian financial planners are required to use as a baseline: about 2.7% for cash, 3.7% cautious, 5.0% balanced and 6.1% growth before fees, with 2.1% inflation. The plan deducts typical low-fee ETF costs of 0.3%.
What does 'money doubles every 12 years' mean?: The rule of 72: divide 72 by the yearly return to get the years it takes money to double. At 5.8% that is about 12 years, so $10,000 invested at 30 is roughly $70,000 at 65 without adding anything. It is why starting early matters more than picking the perfect investment.
What if I cannot fund every goal?: The plan funds goals soonest-first with the cash you have, then tells you when the rest would be reached at the affordable pace and how much a month you are short. Push a date, trim a target, or find the difference in your bills, and it re-sorts.
How is the retirement number calculated?: Planners commonly target 70% of pre-retirement income. The plan subtracts what CPP (at the average) and OAS (at the maximum) would cover, and divides the rest by a 4% withdrawal rate to get the savings needed. It then projects your current investments plus the retirement contributions in the plan to your retirement age.

Full guide: how it works, a worked example, every rule and every source Read the guide →

Sources

Every figure on this page comes from one of these primary sources. Data last verified September 7, 2026.

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Data verified for tax year 2026: September 7, 2026 Updated September 8, 2026 By Nishant Malik, founder of GlassLayer

My Money Plan: Where Every Dollar Should Go

Your plan: $2,107 a month, in this order

Each goal, growing

Retirement check: a gap to close

Ideas that move the needle for you

What we assumed

How to open the accounts in the plan

Frequently asked questions

Sources

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