Did anyone laid off receive a severance package and also bonus? What was the criteria
Where both taxed 20-30% as well by Uncle Sam. Those greedy ba----ds would want to tax a severance package
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Salty? What are you talking about? I just said severance was taxable. Was I wrong?
“Of course severance is taxable. You think the government cares about you and would give you a break in a difficult time? Ha”
Learn the basics of taxation. Don’t comment like your salty for being taxed on any income. Tax is law.
Of course severance is taxable. You think the government cares about you and would give you a break in a difficult time? Ha!
Love how we are all conditioned to accept income tax.”It’s only 30%”. Boston Tea Party was over a 1% tax.
why do you need to know ?
Spreading it out over two years is possible only for some legal jurisdictions. If it's available to you, it will be in the paperwork.
Correct. All is taxable in Canada. They only tax at 30%. Watch your total income for the year. If you take it all in 2024 it will probably push you into a higher tax bracket and you will owe additional taxes when you file next year. Financial planner has structured mine over two years and allocated some to the room I had left in RRSP
Hmmmm bonus is considered an income so it’s taxable. Severance package is also taxable coz it’s also an income. It’s always been that way so not sure which part of the world you live.
Also you have an option if you want to put some money/contribute on your tax deferred account like 401K or RRSP to reduce taxes. Or you can have the company pay you out or release some portion on 2 different tax years.