A Job Loss Creates Decisions That Can't Wait
And Some That Can
Financial Planning After Losing a Job
A sudden income change triggers financial decisions across cash flow, insurance, savings, and severance — often all at once. Some of those decisions have narrow windows. Others can wait until the picture is clearer. Knowing which is which is where most people need help first.
Losing a job changes the financial picture on multiple fronts - and the order in which you address them matters
Severance decisions have tax and RRSP implications that most people don't know about
Whether to take severance as a lump sum or salary continuance, and how much to direct into a Registered Retirement Savings Plan (RRSP), depends on your tax situation in the year of departure. Getting this wrong costs money that can't be recovered.
Your group benefits have a limited runway after employment ends - and most people don't know exactly when
Life, disability, and health insurance provided through an employer typically continues for a short period after termination — but the window varies by plan and is shorter than most people assume. Understanding exactly when coverage ends and what needs to be replaced before that date is a conversation worth having early.
Cash flow needs to be restructured before savings start eroding
Employment Insurance (EI) replaces a fraction of income. Understanding how long savings last, which accounts to draw from first, and what to protect entirely requires a clear picture of the full financial situation — not a guess.
This is where we help you prioritize
At Modern Vision Planning, William Chan works with individuals navigating job loss who need someone to help them understand what needs to happen immediately, what can wait, and what represents a genuine planning opportunity within the disruption. From severance strategy and benefits gap planning to cash flow restructuring and long-term financial planning — every recommendation is independent and built entirely around your situation. For job loss clients specifically, that means creating clarity quickly so that no decision gets made under unnecessary pressure.
Stability starts with knowing what to do and when
The clients we work with after a job loss came in uncertain about where to start. What they left with was a clear picture of their immediate priorities, their options, and a plan that gave them confidence in the weeks and months ahead.
