Quote:
Originally Posted by ericschand
I was laid off, a bit before Christmas. After a layoff, am I not supposed to get some "paperwork" from Revenue Canada or some other government agency? I was also laid off 7 years ago, and then received a piece of paper in the mail. I recall it had on it my severance pay, "position redundant" or something similar, and some other info.
And am I supposed to take that and do something funky with it on my taxes (for the severance portion)?
I'm just wondering if that's standard or was a onetime thing from my previous company. I no longer have the paperwork to go back and check, unfortunately.
Thanks
ers
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Most companies won't issue an ROE directly to you anymore, they will send it directly to Service Canada with your reason for separation.
Your severance pay will be on your T4 that they have to issue prior to the end of February for you for 2017.
If you received a lump sum payout for severance, it was probably already taxed, but it may not have been enough. It usually goes 0-5k = 10%, 5-10k = 20% or 10k+ = 30% or something similar. Depending on your yearly income, you may still owe some money.