B.C. serial killer Robert Pickton dead following prison attack
Convicted B.C. serial killer Robert Pickton, who preyed on women he lured from Vancouver's Downtown Eastside to his rural pig farm, has died.
You can rarely predict them; the best you can do is prepare for them.
Financial setbacks can be devastating, whether it's a job loss or divorce, injury and illness or long-term disability.
More than one in six Canadians are worried about job loss in the next year, according to a Harris Poll and NerdWallet survey. But it also found roughly two-thirds don't have an emergency fund, which many experts consider a critical tool in the face of a financial crisis.
“A lot of people suggest having enough set aside for three months of expenses which will keep paying for your housing, keep paying for your essentials, and also just take a lot of that emotional weight off," said Clay Jarvis, NerdWallet Canada spokesperson and financial expert.
"It can kind of clear your mind a little bit to look at the next phase of your life.”
Kate Childerhose advocates for more, if possible.
An emergency fund covering four to six months of expenses is ideal, said the Edward Jones financial adviser based in London, Ont. But the savings only buy you time — you also need a plan.
If the financial setback is job loss, Childerhose said the first step is to “just pause and take a deep breath.”
“You just went through something that’s really unsettling, can be very frightening, and brings up a lot of emotions and feelings,” she said.
Usually, decisions made under duress or extreme emotion are not the best ones, she added.
For your next step, Childerhose recommended letting your financial adviser know about the layoff, as advisers can connect you to legal help to review your termination, as well as an accountant to help with the severance and tax implications.
“Your financial adviser can then figure out what they need to do with assets that are transferring from a group plan, or what to do with some of the funds that are coming,” Childerhose said. “And they can assist with an income stream for the next period of time.”
Jarvis agreed that a recent layoff is a good time for expert advice, even if you’ve never worked with finance professionals before. Tapping into your savings and liquidating investments can have longer-term impacts that might not be fully understood.
“It's definitely better to get some professional help,” Jarvis said, “even if it’s just a one-shot deal.”
During this tumultuous time, he added, it’s also critical to keep making minimum payments on your debt, so your credit score isn’t destroyed.
If the financial crisis is a divorce, joint accounts can be tricky, Childerhose said. Ideally, if you sense an upcoming breakdown in the relationship, you should put aside some money for lawyers and living expenses in your own bank account.
"If someone starts withdrawing lots of money from the joint account, then that gets looked at with the lawyers, and it brings a lot of complications to the table,” she explained.
Creating a budget for a single income will help with planning, Jarvis said, and it’s best to stay civil in divorce proceedings. Acrimonious splits can get costly.
According to insurance company Canada Life, citing a 2021 survey, legal fees for uncontested divorces average $2,000 or less — but contested divorces can run up to $25,000.
“I think in the current economic climate, going from a two-income family to a one-income household, it is going to be a huge strain on both of you,” Jarvis said.
As for injury, long-term illness or disability, planning for worst-case scenarios can include buying insurance, Childerhose said. This is particularly appropriate for single parents or single-income families. Insurance premiums can feel expensive, she added, until you actually need the help.
“I’ve had a couple of clients in the last few years that have been in significant car accidents, and we’re still three, four or five years out, and their car accident cases haven’t been settled,” Childerhose said.
“They had been unable to return to work because of brain injuries caused from their accidents. That’s not just one particular client case — I have multiple client cases like that right now.”
Whether the income loss is from a layoff or disability, Jarvis advised reaching out to your landlord or lender if your savings start running low.
Once paying your rent or mortgage becomes challenging, it’s better to keep everyone informed, he explained. Tell them that you’re working to make your payments, and they are a priority.
“Let them know early on in the process, because being proactive will make a world of difference here,” Jarvis said.
“You don’t want to catch anyone off guard with a last-minute phone call or text saying that you won’t be able to pay them, because that's going to put them in a position where they might not be quite as willing to help you.”
This report by The Canadian Press was first published April 30, 2024.
Convicted B.C. serial killer Robert Pickton, who preyed on women he lured from Vancouver's Downtown Eastside to his rural pig farm, has died.
Two young children and three adults were seriously injured in a major collision on Highway 417 between Palladium Drive and Carp Road in Ottawa's west end Friday afternoon.
The Department of National Defence is moving approximately 1,000 employees out of an office building in Ottawa's Lowertown neighbourhood, citing safety concerns for its employees.
A newborn is dead after being delivered via emergency C-section to a woman in police custody.
Marian Shields Robinson, the mother of Michelle Obama who moved with the first family to the White House when son-in-law Barack Obama was elected president, has died. She was 86.
Jennifer Lopez has cancelled her 2024 North American tour, representatives for Live Nation confirmed to The Associated Press.
There's a luxury 'tree home' for sale in Calgary.
The federal Liberal government learned Friday it might have to retreat on a proposal within its electoral reform legislation to delay the next vote by one week, after all opposition parties came out to say they can't support it.
Health Canada recalled various items this week, including more unauthorized products, counterfeit drugs and bassinets.
A hefty donation by a renowned local activist to the University of Winnipeg has created what is believed to be the most comprehensive two-spirit archives in all of Canada.
Leanne Van Bergen discovered a skulk of 10 baby foxes, and two mothers, had made themselves at home on her property in Beausejour.
An 81-year-old Waterloo, Ont. woman thought she’d never ride a horse again after a brain bleed led to severe physical complications.
A CP24 camera caught the moment a driver frantically got out of her car as it was being dragged by a truck on Avenue Road Wednesday afternoon.
Prince Edward Island is celebrating its first-ever International Day of Potato on Thursday.
The president of Covered Bridge Chips in New Brunswick is hoping to have his factory rebuilt for late 2025 following a devastating fire last year.
Students and staff at Winnipeg’s Westwood Collegiate had a unique problem to solve this month; how do you lead ducks to water from the school’s courtyard when 12 of them can’t fly yet?
Debby Lorinczy remembers her father as an amazing person and as a man who also made an amazing discovery.
Abigail Strate is a member of the Canadian national ski jumping team and an Olympic bronze medallist. She's also a certified beekeeper.