Sentences with phrase «retiring allowance»
A retiring allowance refers to a sum of money or financial benefits that are provided to an employee when they retire from their job. It is a form of compensation or reward for their service and contribution to the organization. The retiring allowance may include various elements such as severance pay, accumulated vacation or sick leave, and pension benefits. Full definition
If she has worked for her employer since prior to 1996, there may be special «eligible retiring allowance» rules that allow extra contributions to her RRSP beyond her regular RRSP room.
moneysense.ca
Some employers offer long service employee's retiring allowances at the end of the employment relationship.
Note that CPP, OAS and GIS payments do NOT help generate the pension credit, nor do retiring allowances or lump - sum withdrawals from RRSPs.
3) Dismissed Employees are Entitled Retiring Allowances in the Absence of an Express Term to the Contrary
Workplace compensation bonuses, workplace severances and retiring allowances are treated as taxable lump - sum payments.
(Retiring allowances, RRSP withdrawals other than annuity payments, and death benefits can't be split.)
Tax tip: If the portion of your retiring allowance that's eligible to be transferred to your RRSP is paid directly to your RRSP, your employer will not be obligated to withhold income tax.
Retiring allowances, investment income, capital gains, pension income and business income earned as a limited partner are not classified as earned income.
The term «retiring allowance» is broad enough to include damages or settlements for wrongful dismissal.
You can also deduct legal expenses paid to collect or establish a right to a pension benefit or retiring allowance.
Investment income, pensions and retiring allowances, death benefits, taxable capital gains and limited - partnership income aren't included.
Solutions often suggested include revising emissions targets or retiring allowances.
However, the employer took the position that the plaintiff was not entitled to a retiring allowance because he had been terminated from his employment.
The Court rejected the employer's argument and found that the retiring allowance was an implied part of the employee's employment contract.
Often the retiring allowance is calculated based on a formula tied to the employee's years of service.
If the employer wanted to limit the plaintiff's entitlement to the retiring allowance it should have put it in writing.