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Retirement Allowance
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An employer can pay and a retiring employee a retiring allowance or termination payment (which the employer deducts as a business expense) and the employee can rollover the amount paid to an RRSP on a tax-deferred basis. This means the employee includes the amount received in income, but gets a deduction on their tax return for the amount rolled over to the RRSP. Click HERE for more information.

 

 

 

 

 

 

 

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Keith Anderson, BCom, CPA, CA-IT, CITP Copyright September 9, 1999 Last Modified :07/16/18 04:17 PM