Tax Doctors Canada Tax News And Information

Prime Minister Justin Trudeau announced on March 18, 2020 a new set of tax filing requirements / adjustments as a response to the COVID 19 virus. A summary of the changes are as follows:

Tax planning for severance packages is an important issue because the amount of money is usually significant. The first thing to consider is the special rules that relate to retiring allowances. Retiring allowances can include severance payments or termination payments, settlements for wrongful dismissal and payments for long service on retirement.