WHAT's Next?

Leaving a job, whether by choice or due to an involuntary lay-off or shut-down, may mean a change in your current and ongoing personal and financial situation.

 
Your advisor can help with strategies for balancing your priorities, goals and obligations. Consider these factors and ask your advisor the following questions:

 

    I.        What should I do with my Severance / Termination pay?

   II.        Am I entitled to receive Employment Insurance (EI)?

 III.        What happens to my Group RRSP?

 IV.        What happens to my company pension?

 V.        What happens to my group health and insurance benefits?

 VI.        What happens to my company stock options?

VII.        Will I need to reconsider my investment plan?


 

CHANGING Careers

Many people, who find themselves out of work with time on their hands, and money in their pockets due to lay-off, start thinking about a career change.

 

Your financial advisor can provide you with assistance in this transitional period by helping you with a new budget, and if required, the best way to draw on savings. Consider the following sources;

 

The Lifelong Learning Plan (LLP)

 

The LLP is a way to draw on your RRSP savings to fund a full-time return to school. As with the Homebuyer’s Plan, this enables either you or your spouse to essentially borrow from yourself by withdrawing funds from your RRSP(s) and paying it back at a later date.

 

Tax-Free Savings Account (TFSA)

 

The new Tax-Free Savings Account (TFSA) is a flexible, registered general-purpose savings vehicle that allows Canadians to earn tax-free investment income to more easily meet lifetime savings needs.