Calculator · Open source
Emergency Fund Calculator
Calculate how much you need in your emergency fund and how long it will take to build it.
Methodology
Public formulas, updated regularly. Built for Canadians, by Canadians.
Monthly Essential Expenses
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$
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Total monthly expenses: $3,950
6 months
$5,000
$500
Target Emergency Fund
$23,700
6 months of expenses
Progress21%
$5,000$23,700
High Risk — Less than 3 months covered
Current coverage: 1.3 months
Current Emergency Savings$5,000
Remaining Gap$18,700
Time to Goal38 months (3.2 yr)
Where to Keep Your Emergency Fund
Use a high-interest savings account (HISA) — EQ Bank, Tangerine, or Wealthsimple Cash offer 3-5%.
Keep it separate from your chequing account to avoid spending it.
Consider a TFSA for your emergency fund — withdrawals are tax-free and room is restored the following year.