CPA Canada book helps unemployed manage their finances

CALGARY, Nov. 29, 2016 /CNW/ - Chartered Professional Accountants of Canada (CPA Canada) is helping unemployed Canadians manage their finances with a free new book: Survive and Thrive – Move ahead financially after losing your job.  

The practical guide is the result of CPA Canada's long-standing working relationship with the Calgary Public Library in Alberta. Leslie Adams, the Library's community learning advocate, sought CPA Canada's assistance to help fill an information void for down-to-earth resources. 

"CPA Canada has created an incredibly valuable resource for those who find themselves without work and coping with financial stress," says Adams. "Calgary Public Library is pleased to partner with CPA Canada to provide Calgarians with a way forward through job loss."

The book is being officially launched today at the Library with a special workshop for those who are unemployed by the book's author, David Trahair, CPA, CA.

"Losing your job is never easy but there is much that can be done to lessen the financial and psychological trauma," says Trahair. 

The book covers use of Tax Free Savings Accounts and Registered Retirement Savings Plans; unlocking "locked in" pension accounts and debt management strategies. This includes leveraging lines of credit; transferring credit card balances; signing up for non-profit credit counselling, submitting a consumer proposal and, in dire circumstances, filing for bankruptcy.

The guide also focuses on dealing with the emotional shock of job loss.

"Putting feelings of depression, low self-worth and panic into perspective is the all-important first step to transitioning to a better future," explains Trahair. "These emotions are normal, but, if they are not dealt with, they can impair financial planning and decision making."

Other matters addressed in the book include finding a new job, considering self-employment and going back to school. Resume and cover letter templates are included as well.

"Our financial literacy program is all about helping Canadians," says Cairine Wilson, vice-president, corporate citizenship, CPA Canada. "By responding to a need identified by the Library, there is now a helpful resource available to support Canadians, not only in Calgary but also across the country, who are facing financial stress because of job loss."

Recognizing the current need in Alberta and reinforcing their commitment to the financial well-being of all Canadians, Great-West Life, London Life and Canada Life contributed funding for the development of Survive and Thrive – Move ahead financially after losing your job.

To download a free copy of the book, visit cpacanada.ca/surviveandthrive

About CPA Canada
The new Canadian designation, Chartered Professional Accountant (CPA), is now used by Canada's accounting profession across the country. The profession's national body, Chartered Professional Accountants of Canada (CPA Canada), is one of the largest in the world with more than 200,000 members, both at home and abroad. The Canadian CPA was created with the unification of three legacy accounting designations (CA, CGA and CMA). CPAs are valued for their financial and tax expertise, strategic thinking, business insight, management skills and leadership. CPA Canada conducts research into current and emerging business issues and supports the setting of accounting, auditing and assurance standards for business, not-for-profit organizations and government. CPA Canada also issues guidance and thought leadership on a variety of technical matters, publishes professional literature and develops education and professional certification programs. cpacanada.ca

About Calgary Public Library
Calgary Public Library, with 550,000+ members, has been inspiring the life stories of Calgarians for more than 100 years. It is currently the second largest library system in Canada and the sixth largest municipal library system in North America, with Calgarians borrowing more than 16.1 million physical and digital items and with 6.2 million in-person visits last year. Preparations are underway for the awe-inspiring 240,000 sq. ft. New Central Library, to open in late 2018.

About Great-West Life
Great-West Life, together with London Life and Canada Life, serves the financial security needs of more than 12 million people across Canada. Year-round, the companies support a range of community priorities, including the need for greater financial literacy among Canadians. Take time to read more in our 2015 Public Accountability Statement.

SOURCE CPA Canada

For further information: Tobin Lambie, Principal, Media, CPA Canada, T: 416-204-3228, C: 647-302-3761, [email protected]; Diana Sorace, Manager, Media Relations, CPA Canada, T: 604-694-6700, C: 604-551-4487, [email protected]