§ Calculator · Savings
Emergency fund
Standard guideline: 3 months of fixed costs for stable dual-income households, 6 months for single income / variable income.
What this is
Why an emergency fund?
Cash buffer that covers your fixed costs if income stops (layoff, illness, surprise bill). Lets you make decisions from a position of safety instead of panic.
- ·3 months of fixed costs is the floor, works for stable dual-income households with steady jobs.
- ·6 months is the standard, single income, variable income (consulting, commission, gig), or single-earner family.
- ·Keep it in a HISA (3.5-4% in 2026), separate from chequing so you don’t accidentally spend it.
Target
$19,200
You have
$8,000
Months covered
2.5
Gap
$11,200
Insufficient buffer
Educational guideline. Not financial advice. Cash should sit in a HISA (3.5-4% range as of 2026), separate from chequing so you don’t accidentally spend it.
Disclaimer
Educational, not financial advice. Output is generated by an AI assistant using simplified assumptions. Tax rates, contribution limits, and benefit amounts change annually; confirm with a CFP, CPA, or the relevant Canadian regulator (CRA, FSRA, OSC, IIROC) before acting.