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affairesdepiasses

Monday: Silly Questions (self.personalfinancecanada)

submitted 1 year ago by affairesdepiasses to c/personalfinancecanada

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It’s Monday, the start of a new week.

Ask your embarrassing, silly, or worrisome questions. Come learn and discover without judgment.

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[–] skankhunt42 4 points 1 year ago* (last edited 1 year ago) (1 children)

I have two jobs. A full time tech job where I've already hit my EI and CPP max and a part time minimum wage job with 5-15 hours a week.

If I get laid off from the tech job, will I get EI? I suspect the answer is no, even if I quit my 2nd job at the same time I'm laid off.

The problem is, my 2nd job cheque is less then I'd get from EI and I doubt I'd get more hours if I asked... The only reason I have the 2nd job is to put 100% of that pay (less a bit for tax time) on the principal of my mortgage. I don't "need" this money at all and I'm locked in for another 3 years. Just wanted to pay off the house a bit faster.

[–] karlhungus 4 points 1 year ago (1 children)

The answer to this should be on govt websites, iirc the amount is less any other sources of income. So severance payouts take a big chunk out of ei, I expect same for any side income you get. But check govt websites

[–] skankhunt42 2 points 1 year ago

My understanding when I read it the first time was that any job would negate EI all together. I'll have to have a second look. Thanks!

[–] [email protected] 3 points 1 year ago (1 children)

Where’s the best place to put money in a high interest savings account?

I’ve been with simplii for a really long time but it’s not clear what interest rate I’m going to be getting in my HISA after the promotional offer and I really don’t like that the promotional interest isn’t paid out monthly.

Should I just sign up for an investment account and buy the equivalent of cash.to (which doesn’t seem to offered at big bank investment accounts)?

[–] NENathaniel 3 points 1 year ago

I really like EQ Bank. Easy 5% ish GIC's or 3% savings. You'll prob receive higher % long term through actually investing but, this is safe and reliable