Money on Leave

The other day I mentioned that I've stripped back our budget to the bare bones in anticipation of waiting for Employment Insurance when I go on maternity leave.  We'll have several changes to our financial picture over the next 12 months or so. 

I'll be taking Maternity/Parental Leave for 6 months, then taking 3-5 weeks vacation (pending approval).  When I start vacation, Jordan's going to start his Parental Leave for the next six months.  The plan is to overlap for the month of August when baby is six months and Little Man is 3.5 years and really spend time as a family just connecting.  It will also serve as a transition before I go back to work full time.

Here's a rough ideal of the iterations we'll go through:

  1. Prior to Maternity Leave - full salary for Jordan & I 
  2. Maternity Leave Starts (wait for EI) - Jordan full salary, $0 for Jessie
  3. EI starts - Jordan full salary, ~$500/week for Jessie (max benefit of $547 less taxes)
  4. Work top-up starts - Jordan full salary, Jessie work tops up EI to 70% of salary for 15 weeks ~$1,700/month
  5. Work top-up stops - Jordan full salary, ~$500/week for Jessie (max benefit of $547 less taxes)
  6. Jessie Vacation Starts, Jordan Paternity Leave Starts - full salary Jessie, $0 for Jordan
  7. Jordan EI Starts - full salary Jessie, ~$500 for Jordan
  8. Jordan back to work - full salary Jessie, full salary Jordan

8 times.  8.

1 comment:

  1. Unemployment during maternity leave. Canada is where you want to have a baby. Sounds like you've got a plan that will work. Good luck.


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