Start preparing now, before you head to the unemployment line

Statistics Canada reports the Canadian job market is flat after big gaiunemploymentns in March

Canada’s national employment rate remains the same at 7.1 per cent according to Statistics Canada’s latest Labour Force Survey for April. The Canadian economy only lost 2,100 jobs for the month.

  • British Columbia added 13,000 jobs to its job market
  • Alberta shed 21,000 jobs with low oil prices plaguing the province
  • The employment rate in Ontario and Quebec are relatively stable
  • The western and prairie provinces job numbers are practically the same

“The Statistics Canada report clearly indicates the economy is relatively stable however Canadians have to be mindful their employment status can change at any moment and they have to be ready for the unexpected,” says Jeffrey Schwartz, executive director, Consolidated Credit Counseling Services of Canada.

To help Canadians plan for the unexpected and minimize getting into debt from an unexpected unemployment, Consolidated Credit offers the following tips:

  1. Ditch the plastic and start to save for a rainy day. It is true when it rains; it pours so start saving today. Have your bank take a set amount of money from each paycheque and have it deposited into a savings account.
  2. Start researching if you qualify for Employment Insurance benefits (EI). Nothing is more devastating than finding out; you do not qualify for EI. Stay ahead by understanding the rules for EI benefits for your specific province.
  3. Time to get physical with your budget and cut the fat. Just like your health, you have to be financially healthy to survive the financial hardship a layoff can bring. Nothing will give you more clarity on your spending than putting together a household budget.
  4. No one wants to think about unemployment. Nevertheless anyone can lose their job at any given moment. To be ready for the unexpected, it is important to have a contingency plan in place. Consider downsizing or selling off assets you could live without (e.g. a motorcycle or extra car).

If you have been recently laid off or you are worried about the stability of your job or you are concerned your lack of financial resources are stretching your budget beyond its limit – do not hesitate to give one of our trained credit counsellors a call. One of our credit counsellors will put your mind at ease and help to relieve the financial burden you are carrying. Give us a call today at 1-888-294-3130

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