Eight Things To Do After Being Laid Off

Being laid off is always hard. Half a million Canadians filed for Employment Insurance in Canada last week due to the Covid-19 outbreak and Canadian Banks are predicting the largest economic contraction since the 1960s.

Thankfully there are some steps you can take that can help. Here they are:

1. Stay calm. Don't make any rash financial decisions.
2. Apply for Employment Insurance
3. Take an inventory of your assets and liabilities to create a net worth statement.
4. Review your health and dental benefits. These may or may not continue after you've been laid off.
5. Prepare a budget. This will help you track your spending and income needs.
6. Review your pension or severance options. If you had a pension with your previous employer you will need to have a plan for those funds. A First Foundation Financial Planner can help you understand your options and tax implications.
7. Get your financial report card with a quick five-minute, fifteen-question assessment (new window)
8. Speak with a professional. We're here to help. 1-866-702-7678. Ask for Tyler Pfeiffer in Edmonton and area, or Peter Marlin in Calgary and area.

Stay safe and healthy, and we can get through this together!