Question 1

Is my financial data private?

Accepted Answer

Yes. Everything you enter stays on your device — nothing is sent to a server or stored anywhere else. There is no account, no login, and no data collection. You can clear your data at any time using the reset option in the app.

Question 2

Is Finance for Humans free to use?

Accepted Answer

Yes, completely free. No subscription, no paywall, no sign-up required. The tool is supported by an optional Wealthsimple referral — if you open a Wealthsimple account via the link in the app, we each receive a $25 bonus.

Question 3

Which countries and tax systems does it support?

Accepted Answer

The calculator supports Canada (all provinces and territories, including Quebec's separate provincial tax) and the United States (federal tax). Canadian calculations include CPP, EI, TFSA, RRSP, and FHSA contribution room. US calculations include federal income tax and FICA.

Question 4

What can I calculate with this tool?

Accepted Answer

You can calculate take-home pay after tax, build a budget using the 50/30/20 method, project how your savings will grow over time, estimate your retirement date and required nest egg, track your net worth, and compare your income to peers by age and country. All calculations update in real time as you adjust your numbers.

Question 5

How accurate are the tax calculations?

Accepted Answer

Calculations use current-year tax brackets, rates, and contribution limits from CRA and IRS data. They are accurate estimates for planning purposes but use simplified averaging rather than exact line-by-line tax return math. For filing or major financial decisions, consult a qualified tax professional.

Question 6

Can I plan debt payoff or a savings goal?

Accepted Answer

Yes. The Goals & Debt tool is a debt payoff calculator that compares the debt snowball method (smallest balance first) against the debt avalanche method (highest interest rate first), showing your debt-free date and total interest for each. It also works as a savings goal calculator — set a target amount and timeline and see the monthly contribution needed to get there.

Question 7

Can I check if my investment portfolio is balanced?

Accepted Answer

Yes. The Portfolio Balance tool is an asset allocation calculator — add your ETFs and stocks and it shows your current weighting by asset class, security type, and geography, then compares it against target allocations you set, so you can see exactly where your portfolio has drifted and what rebalancing would take it back to target.

Question 8

Should I rent or buy, and should I pay down my mortgage or invest?

Accepted Answer

The Housing Decisions tool covers both questions. The rent vs. buy calculator compares the long-run cost of renting against buying, factoring in home appreciation, mortgage terms, and selling costs. The mortgage vs. invest calculator compares paying down your mortgage faster against investing the same extra cash in a TFSA, RRSP, or taxable account, so you can see which path leaves you further ahead.

Personal Finance Calculator — Get Your Complete Financial Picture

🎁 Get a $25 Wealthsimple Sign-Up Bonus

What You Can Calculate