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 gives you a monthly plan: how much to put where, in what order, and in which account. You also get a growth chart for each goal, a retirement check, and tips based on your own numbers.

$
$
Rent or mortgage, food, phone, transport: everything except debt payments
$
What are you saving for? (up to four)
$
years
$
years
$
years
$
years
Debts, mortgage, existing investments, employer match, retirement age
Credit card
$
%
$
0 = 3% of balance
Car loan
$
%
$
0 = 3% of balance
Student loan
$
%
$
0 = 3% of balance
Mortgage
$
0 = no mortgage
%
years
What you already have
$
$
$
Work and retirement
%
$
0 = none. Their own take-home is added to the plan
Free every month, after bills and debts$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.

$5,307take-home / month
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. 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. 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. 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. 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. 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. 6
    $146 a month → Left over: invest for later in a RRSPUnallocated money drifts. Your TFSA room ($7,000 a year) is full, and 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 adds $154.

$0$3,000$6,00012
ValueWhat you put in
First home down payment$667 /month

$60,000 in 5 years in a FHSA. You put in $53,343. Growth adds $6,657.

$0$30,000$60,00012345
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 $995,647. Closing the gap means about $457 more a month, starting now.

Saved so far$18,000
Toward retirement each month$507
Return assumed4.7%
$0$497,824$995,6473337424752576265
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

Under 3 years (savings, GIC)3 to 8 yearsOver 8 years (balanced)
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 you need 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. The order: employer match first. Then an emergency fund of 3 months of bills in a high-interest account, filled within a year. Then debts at 7% or more, with the 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 you would reach them. Retirement need = (70% × salary − average CPP − full OAS) ÷ 4%. All figures are in today's dollars.

How the plan is built

It starts from your take-home pay for your province under the 2026 payroll formulas, then takes off your bills and the minimum payments on your debts. What is left is the money the plan directs.

That money goes out in a fixed order, based on what costs the most when it goes wrong. First the employer match. Then an emergency fund of three months of bills in a high-interest savings account, filled within a year. Then any debt at 7% or more, with the extra sized to clear it in two years. Then your goals, soonest first. Each goal gets the level monthly deposit that reaches its target by its date, at the return for that horizon, in the account that fits it. Whatever is left goes to retirement, in an RRSP if your marginal rate is 30% or more and a TFSA otherwise.

Returns are the FP Canada projection guidelines for 2026, less typical fees. Money needed within three years stays in cash, whatever your risk setting. The retirement check compares what your investments and planned contributions would grow to by your retirement age with 25 times the income CPP and OAS will not cover.

Worked example: $85,000 in Ontario, a card to clear and two goals

StepMonthlyAccountWhat it does
Emergency fund: 3 months of bills$467HISA$9,600 in a high-interest savings account, reached in 12 months.
Extra on Credit card (21.0%)$128DebtPaying 21.0% interest is a guaranteed loss no investment beats.
Vacation$244HISAHISA: money needed within three years stays in savings or a GIC, where it cannot fall.
First home down payment$667FHSAFHSA: deductible like an RRSP and tax-free for a first home, $8,000 a year.
First home down payment$222TFSATFSA: grows tax-free and can be taken out any time without touching your benefits.
Left over: invest for later$199TFSAUnallocated money drifts.

Take-home is $5,307 a month, bills $3,200, minimum payments $180. That leaves $1,927 to plan. The marginal tax rate used for the RRSP-or-TFSA decision is 29.6%.

Assumptions

  • Returns before fees: cash 2.7%, cautious 3.7%, balanced 5.0%, growth 6.1%. Fees 0.3%. All figures in today’s dollars.
  • Minimum debt payments default to 3% of the balance when not entered. RESP contributions are credited with the 20% basic grant only.
  • Not modelled: taxes on withdrawals from non-registered accounts, contribution-room limits (the plan tells you the account, so check your room), insurance needs, and income changes over time.

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.

  1. FCAC: savings accounts ↗
  2. Opening an FHSA ↗
  3. Registered Education Savings Plans ↗
  4. CRA My Account ↗
Common questions

Frequently asked questions

Is this financial advice?
No. 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 products. Use it to see the shape of a plan, then act or take it to an advisor.
Why does the emergency fund come before my goals?
Without it, the first surprise bill goes on 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.
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 you can get. An employer match is the one exception. It is 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, it uses a savings account or GIC, because a bad year in the market could hit right when you need the cash. A first home goes in an FHSA, deductible going in and tax-free coming out. A child's education goes in an RESP, because of the 20% grant. Retirement goes in an RRSP if your marginal tax rate is 30% or more, otherwise a TFSA. Everything else goes in a TFSA.
Where do the growth rates come from?
The FP Canada and Institut de planification financière Projection Assumption Guidelines, which Canadian financial planners use as a baseline. They give about 2.7% for cash, 3.7% cautious, 5.0% balanced and 6.1% growth before fees, with 2.1% inflation. The plan takes off 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.
What if I cannot fund every goal?
The plan funds goals soonest-first with the cash you have. Then it tells you when the rest would be reached at the pace you can afford, 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. It divides the rest by a 4% withdrawal rate to get the savings you need, then projects your current investments and planned contributions to your retirement age.
Sources

Sources

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

  1. CRA T4127 Payroll Deductions Formulas, 123rd Edition, effective July 1, 2026 (Rev. 26/06)
  2. CRA – CPP contribution rates, maximums and exemptions
  3. CRA – Second additional CPP (CPP2) contribution rates and maximums
  4. ESDC – EI maternity and parental benefits: how much you could receive
  5. CRA – EI premium rates and maximums
  6. CRA – Indexation adjustment for personal income tax and benefit amounts
  7. Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), s. 150(1)(d) and s. 156.1(4): filing deadlines and balance-due day
  8. Canada Employment Insurance Commission – Canada Employment Insurance Commission confirms 2027 Employment Insurance premium rate (September 14, 2026)
  9. CRA, Canadian income tax rates for individuals, current and previous years
  10. Government of Alberta, Personal income tax
  11. Government of British Columbia, Personal income tax rates (2026)
  12. Government of British Columbia, B.C. tax reduction credit
  13. Manitoba Finance, Personal income taxes
  14. CRA, T4032 Payroll Deductions Tables, New Brunswick (January 2026)
  15. Government of New Brunswick, Personal income tax
  16. Newfoundland and Labrador Department of Finance, Personal income tax
  17. Newfoundland and Labrador, Bill 16 (2026), An Act to Amend the Income Tax Act, 2000
  18. Nova Scotia Finance and Treasury Board, Personal income tax indexation update for 2026
  19. Nova Scotia Income Tax Act (consolidated), s. 35 low income tax reduction
  20. CRA, T4032 Payroll Deductions Tables, Northwest Territories (January 2026)
  21. Government of Nunavut, January 2026 Tax Rate Sheet
  22. CRA, T4032 Payroll Deductions Tables, Nunavut (January 2026)
  23. Ontario Ministry of Finance, Personal income tax rates and credits (2026 dataset)
  24. Prince Edward Island Income Tax Act (consolidated 2026)
  25. Revenu Québec, TP-1015.F-V (2026-01) Formulas to Calculate Source Deductions and Contributions
  26. Retraite Québec, Québec Pension Plan Figures 2026
  27. Gouvernement du Québec (Québec.ca), Taux de cotisations au Régime québécois d'assurance parentale (RQAP) — page updated 19 March 2026
  28. Ministère des Finances du Québec, Parameters of the Personal Income Tax System for 2026 (November 2025)
  29. Government of Saskatchewan, Personal income tax
  30. CRA, T4032 Payroll Deductions Tables, Yukon (January 2026)
  31. FP Canada and Institut de planification financière, Projection Assumption Guidelines 2026
  32. FCAC, Setting up an emergency fund
  33. Government of Canada, Canada Education Savings Grant
  34. CRA, Tax-Free Savings Account (TFSA)
  35. CRA, First Home Savings Account (FHSA)
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Data verified for tax year 2026: Updated By Nishant Malik, founder of GlassLayer