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Tariffs Impact on Job Security & Long Term Disability Benefits
New and evolving tariffs on Canadian imports by the Trump administration in the U.S. have been predicted to cause an enormous loss of jobs. Premier Doug Ford of Ontario has predicted up to 500,000 jobs lost if these tariffs are brought in.
Experts are raising alarm bells regarding the impact such losses will have on the Canadian economy and the lives of affected individuals. The ripple effect will be felt across many industries as job losses lead to people not having money to spend on retail, restaurants, entertainment, travel, and obviously for basic everyday needs like groceries and household supplies.
How to Protect Your Disability Benefits Before Job Loss Due to Tariffs
Something to consider for those Canadians struggling to work with a medical condition is whether your job could get swept away in the uncertainty over these pending tariffs.
If you have disability benefits as part of your workplace benefits, and you have been considering whether you are able to continue working due to a medical condition that you are dealing with, it makes sense to give further thought to whether you should apply for disability benefits while you still have them, as after your job is terminated it may be too late.
In order to qualify for long term disability benefits you must have a covered medical condition and the support of your healthcare providers to be able to establish that you are unable to work as a result of your medical condition.
This will not apply to many Canadians, but if you are one of those that it may apply to, you should review your options sooner rather than later, as once the benefits are gone because of job termination, it may not be possible to make a claim for these benefits.
Hopefully, the threat of tariffs will be resolved in a way that maintains the positive trade relations Canada has enjoyed with the United States for many years, but with the unpredictability of the new U.S. administration, it is impossible to predict what direction this will take, until it happens, as early as February 1st, 2025, if President Trump’s comments on the evening of his inauguration are to be believed.
Contact Share Lawyers today and let our experience work for you. Our 35+ years of experience can help you win your case against Canada Life, Desjardins, Manulife, RBC Insurance, Sun Life, and other insurance companies. Our legal team offers a free consultation and works on a contingency basis—there are no fees unless you win your case.
