How Much Is Enough
An emergency fund is money set aside for a job loss, a medical bill or a sudden repair, so that you do not have to borrow or sell investments at a bad time. The Basic Financial Planning Guide from MAS and MoneySense suggests at least 3 to 6 months of expenses. If your income is irregular, it suggests 12 months.
The guide tells you to add up household and personal expenses in a month, including loan repayments, card bills, insurance premiums and taxes, and to separate the essentials from the good-to-haves. That is the figure this tool multiplies.
Where you sit in the range is a judgement. One income, people depending on you, or a job that would take long to replace all point towards the higher end. Two steady incomes and no dependants point towards the lower end.