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Forum: Canada

Sep 3rd 2008, 2:32 pm

Replies: 9

Redundancy and its implications

Views: 2,865

Posted By JonboyE

Re: Redundancy and its implications

This is not right. Severance pay is taxable in Canada unless it is transferred directly to an RRSP (and the recipient has the RRSP room). See the CRA's explanation here...

Forum: Canada

Sep 2nd 2008, 2:05 am

Replies: 9

Redundancy and its implications

Views: 2,865

Posted By JonboyE

Re: Redundancy and its implications

Just to reiterate what bramwith and Surrey Expat have already said, if you are tax resident in Canada when you receive the severance pay it is taxable in Canada. There is no loophole.

However,...

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