02-06-2018, 04:13 AM
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#120
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Lifetime Suspension
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Quote:
Originally Posted by Slacker
What is the total amount of taxes that can be deducted from a lump sum payment?
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Quote:
Originally Posted by Weitz
They take 30% off a lump sum over ~$25,000 I believe. I don't think they take off any more.
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https://www.canada.ca/en/revenue-age...-payments.html
Quote:
Combine all lump-sum payments that you have paid or expect to pay in the calendar year when determining the composite rate to use.
Use the following lump-sum withholding rates to deduct income tax:
10% (5% for Quebec) on amounts up to and including $5,000;
20% (10% for Quebec) on amounts over $5,000 up to and including $15,000; and
30% (15% for Quebec) on amounts over $15,000.
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