1/03/2019

Money on Leave

Posted by with 1 comment | in ,
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
phew.

8 times.  8.

Related Posts:

  • Job LossI've written about it before, about Employment Insurance, about preparing for the worst - but I've never actually experienced it. Many of you know that things are pretty rough in Alberta right now, with continued uncertainty… Read More
  • EI Salary Top UpI'm so happy to be writing two such positive posts in a row.  I checked my online paystubs this morning and found that my employer paid employment insurance top up has been approved and processed. A small bonus here, is… Read More
  • Income on LeaveIn the last few months I've gone through countless iterations of our budgets for when I'm on maternity leave, for the new house, for carrying both mortgages for short time until our Alberta house sells....sooooo many budgets.… Read More
  • CPP & EI Max OutLast year I wrote about maxing out my CPP and EI contributions and I was pleasantly surprised when I realized that my Christmas budget was going to get a significant boost at the end of the year. A lot o… Read More
  • Employment Insurance (EI) It's finally come through!  Woohoo! My recent employer took their sweet time to process my maternity leave, and didn't issue my Record of Employment (ROE) - which is required to get EI benefits - for five weeks!  Y… Read More

1 comment:

  1. Live and Learn4 January 2019 at 06:09

    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.

    ReplyDelete

Hi! Thank you for stopping by and leaving a message.

Subscribe to: Post Comments (Atom)

Links ♥

Followers