Emergency Fund Target Calculator Canada

Your Details

Monthly fixed expenses ($)

Rent/mortgage, utilities, insurance, minimum debt payments, phone.

Monthly variable expenses ($)

Groceries, transport, and the realistic rest.

Employment type

Self-employed income is lumpier — the buffer must be bigger.

Number of dependents

Monthly business fixed costs ($) — self-employed only

Rent, software, insurance, subcontractors you’d still owe in a slow month.

Your Results

Personal Emergency Fund Target

$0

Monthly personal expenses—

Recommended months of coverage—

Business reserve target (3 months fixed costs)—

Combined target—

Method: 3 months of expenses for stable T4 employment, 6 months for self-employed, plus half a month per dependent (capped at +2). The business reserve is separate on purpose — mixing personal and business cash is how a slow quarter becomes a personal crisis. Park it in a high-interest savings account or cashable GIC, not investments.

Knowing the number is easy. Building it is the hard part.

Get the free Emergency Fund Blueprint — where to park it, how to automate it, and the build order when you’re also paying down debt.

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Estimates for education only, using 2026 CRA limits ($33,810 RRSP dollar limit) and 2026 federal + provincial tax rates. Not tax, investment, or financial advice. Your exact RRSP deduction limit is on your CRA Notice of Assessment or in CRA My Account. Quebec figures reflect the federal abatement. Consult a qualified professional before acting.