Everyday money2 min read · Updated October 21, 2026
How big should an emergency fund be in Canada?
A simple rule for how much to keep as an emergency fund, where to keep it, and how a TFSA can help.
The rule
Add up rent, bills, food, transport, insurance and minimum debt payments. Multiply by three to six.
Where to keep it
A high-interest savings account at a CDIC-insured bank, held inside a TFSA if you have room.
Common questions
How much should I have in an emergency fund?
Three to six months of essential spending.
Should it be in a TFSA?
It can be. Interest is tax-free and you can withdraw anytime.