Losing your job can be a very stressful event. Sometimes, it comes with no warning, while at other times, you may have a chance to prepare for the challenges unemployment poses.

To help people who are dealing with this situation, particularly for the first time, the Financial Consumer Agency of Canada (FCAC) has developed a life event, Losing Your Job, a comprehensive guide filled with helpful tips, information and links to other resources.

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“Losing a job means losing income. Depending on the circumstances, those who’ve lost a job will likely need to reduce expenses; and also manage their debt, savings and any severance pay or early retirement offer they may receive”, says Lucie Tedesco, FCAC’s Commissioner. “They may have to look at ways to replace their income by claiming benefits and insurance, and finding new sources of income.”

This free online guide covers a number of different topics :

  • Know your rights
  • Things you need to do if you lose your job
  • Cost cutting tips to help reduce expenses
  • Ways to replace your income
  • Claiming Employment Insurance (EI)
  • Debt management tips
  • Making the most of your severance package.

FCAC’s full suite of life events, including Dealing with Debt, Living as a Couple, Teaching Children about Money and Planning Your Retirement are available on our website: itpaystoknow.gc.ca.

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