^
I understand your point and I very much agree with you and your math in general. I suppose I am taking a fair big gamble in this way. And come to think of it, I always keep a minimum of 2,500$ in my checking (because if it dips lower, my back charges me 9,50$ a month - those bastards). With my current way of life, 2,500$ is 3 months of necessary exependitures, + my line of credit that could theoretically cover me for another 6 months.
I should also specify that while my salary and basic expenditures are both low, living in Québec, health-related costs would never bankcrupt me - since my current 38% tax bracket already covers these were they to arise. Hence, I have the advantage of not having to calculate a medical emergency into any EF-use possibility. I would need to simultaneously lose my full-time job, lose the ability to accept side contracts (which I already do), lose my partner (and thus the condo we live in) - then I would truly be in the shit. There would also have to be some massive administrative black-hole inhibiting me from getting my TFSA government bonds that have been gathering dust and a little interest for the past 7 years.
I suppose my only point is that while a solid EF is necessary and important, I think pure liquidity CAN be overated in certain cases (again, these are not all cases).