Many of our financial decisions involve complicated math that can be tough to decode on our own. Fortunately there are plenty of financial resources and tools available online that can help us make sense of even the most complex scenarios.
I went looking for the best online financial resources, calculators, and tools to help Canadians make smart decisions with their money. Here’s what I found:
Related: How much of your income should you save?
Investing
- Mutual fund fee calculator (Get Smarter About Money)
- Adjusted Cost Base & Capital Gain / Loss Calculator (Fiscal Agents)
- Rate of return calculator (PWL Capital)
- Simple Compound Interest (Canadian Finance Blog)
Home Ownership
- When can you be mortgage free? (Financial Consumer Agency of Canada)
- Home ownership and what it costs (Fiscal Agents)
- Calculate your debt service ratio (Canadian Finance Blog)
- Mortgage penalty calculator (Rate Hub)
- Mortgage refinance calculator (Rate Hub)
Tax planning
- RRSP tax savings (Financial calculators)
- Child and Family benefits calculators (Revenue Canada)
Insurance planning
- Life insurance protection worksheet (Fiscal Agents)
- How much life insurance do I need? (Dinky Town)
Budgeting and Savings
- Yearly budgeting spreadsheet (Get Smarter About Money)
- Do you have a realistic budget? (Financial Consumer Agency of Canada)
Banking and Credit
- Which chequing account is right for you? (Financial Consumer Agency of Canada)
- Which savings account is right for you? (Financial Consumer Agency of Canada)
- Which credit card is right for you? (Financial Consumer Agency of Canada)
Paying for Education
- University cost calculator (Get Smarter About Money)
- Student debt calculator (Get Smarter About Money)
Automotive
- Calculate the cost of your commute (Natural Resources Canada)
- Vehicle lease or buy calculator (Industry Canada)
Free customizable spreadsheets
Vertex42.com has many free financial spreadsheets and calculators available for download, which you can then customize to your own unique situation. This site is where I found the budget spreadsheet that I’ve used the past five years.
Related: How to make a better personal budget
Final thoughts
I hope you find some of these calculators and tools to be useful for your own finances. This is not a definitive list by any means, so feel free to add to it by listing your favourite online financial resources in the comments section below.
