The latest Canadian jobs report was expected to show growth—instead, it delivered bad news.

On Aug. 8, Statistics Canada reported a loss of more than 40,000 jobs and an unemployment rate holding at 6.9 per cent, the highest in several years. For thousands of Canadians, this isn’t just a headline, it’s personal.

If you’ve just lost your job, it’s normal to feel overwhelmed. But how you act in the days and weeks immediately following can make a huge difference in your financial stability and peace of mind.

A calm, methodical approach will help you protect your finances, maintain your credit and set yourself up for your next opportunity.

First 72 hours: Stabilize and assess

Your first three days after job loss are about gathering information, reducing immediate stress, and shoring up your financial footing:

1. Confirm your severance and final pay—Ask your employer for written details of your final paycheque, severance, vacation pay and any benefits continuation. If you’re unsure whether your severance is fair, consider consulting an employment lawyer — many offer a free initial........

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