If You Suddenly Find Yourself Unemployed

  1. Apply for EI
  2. Ensure your rainy day fund is intact
  3. Cut non-essential expenses
  4. Set up a budget
  5. Obtain tax advice on the best way to receive a severance package
  6. Get advice on best way to deal with health care, life insurance coverage and premiums
  7. Consider tax efficient RRSP strategies
  8. Consider spouses income in your planning
  9. Minimize debt
  10. Consider reducing RRSP contributions
  11. Update resume
  12. Stay healthy, exercise, reduce alcohol consumption
  13. Network, network, network
  14. Consider feelance and sub contract engagements
  15. Use a support group

By Stan Swartz, CMA, CFP, CMC

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