Apply for Employment Insurance (EI) immediately, even if you are in receipt of severance money! Severance Pay and EI are different! Severance may be received from your former place of employment whereas EI may be received from the government.
It is VERY IMPORTANT to talk with your Bank or Financial Advisor as soon as possible!
ASK to reduce mortgage and loan payments and/or consolidate your payments. Keep in close contact with your Bank or Financial Advisor so they know your new financial situation and can be proactive rather than reactive. RESEARCH your company pension plan! Make sure it is fully funded.
Talk with an ACCOUNTANT! They will advise you on the best way to deal with severance money, pension plans, etc. to reduce taxes.