Financial calculator
Emergency Fund Calculator
Calculate how much you need in your emergency fund and how long it will take to build it.
Monthly Essential Expenses
Total monthly expenses $3,950
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.