Financial Goal Calculator FGC Assumptions and Limitations

From Financial Consumer Agency of Canada

This tool is for your reference only. For an exact repayment schedule, please contact your financial institution.

Figures use twelve decimals for accuracy, however only two decimals are displayed. Due to rounding, this may cause the debt and savings charts to appear incorrect by a few cents.

Due to the above, if the remaining balance is calculated to be less than $0.01, it will display as 0.

The module will not allow the overpayment of a debt or to exceed the amount of your savings goal.

Clicking Save will overwrite any previously saved changes for that specific debt or goal.

The module assumes that any debt entered is pre-existing, and therefore it does not calculate an interest-free grace period.

A payment amount for a debt must at least cover the interest, otherwise the debt will never be paid off.

When the Payment/Contribution Frequency is twice a month, the Date of Next Payment/Contribution must be either the 1st or the 15th of the month.

The Interest Rate cannot be a value higher than 99.9999.

The Regular Payment Amount field cannot have a value that is less than $1.

The Number of Payments/Contributions field cannot have a value that is higher than 9999.

The Target End Date cannot be after December 31, 2099 (2099/12/31).

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