Island Savings

Unemployment

Losing your job can be a serious financial blow, especially if it's unexpected. Fortunately, there are many resources available to aid you financially, and to help you regain employment.

 

Finding a new job

Aside from searching newspapers for job postings, consider other resources that can help you find work.

  • Take advantage of your LinkedIn connections and other online social networks--your connections can introduce you to new opportunities.
  • There are many web sites devoted to matching workers with employers, and posting an online resume only takes a few minutes.
  • Notifying your friends and acquaintances that you're looking for work is another effective way to gain employment, and by having a friend refer you to an employer, you get a built in character reference.
  • Plus, your local Human Resources Development Canada office has self-service kiosks and computer workstations configured to assist you in your job search.

Employment insurance

The Service Canada office is also where you will go to apply for Employment Insurance benefits.

  • If you find yourself out of work, you should immediately fill out an EI application. It may take as long as 28 days to receive any benefits from EI, so don't delay.
  • Also, be aware that EI benefits are not guaranteed; you have to qualify to receive benefits under the Employment Insurance Act.

EXPERT TIP

If you feel that the company you work for may be downsizing or laying off employees, know your unemployment benefits and what qualifies you to receive unemployment income. Visit Service Canada for more details.

Budgeting between jobs

If you're unemployed and living on a reduced income it's a good idea to make a temporary budget. Simply taking stock of what you have and how long you need it to last can prevent you from ending up in serious financial trouble. Even if you start a new job in a couple of weeks, it may be another month before you receive your first cheque, and any reasonable budget should reflect this fact.

 

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