If you leave your job and you receive a severance payment, it is important to do tax planning, otherwise, you risk losing a big chunk of your severance package to the tax man. This video will go through the top three ways to minimize the taxes you will have to pay on your severance package. 00:30 -- Transfer your severance payments to your RRSP 01:00 -- Do not take a lump sum cash severance payment 01:30 -- If you paid legal fees to collect your severance, than you can deduct those legal fees on your tax return Visit our website for more information and tax-related advice: http://madanca.com Follow us on social media Twitter: https://twitter.com/Madan_CA Facebook: https://www.facebook.com/MadanCharter... Instagram: https://www.instagram.com/madanaccoun... Google+: https://plus.google.com/1085518694535... Download any of our free eBooks available on our website: http://madanca.com/free-tax-secrets/ (Including Tax Tips for Canadians, Personal Tax Planning Guide for Canadians: 2014 Edition and 20 Tax Secrets for Canadians) Disclaimer: The information provided in this video is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. All figures and dollar amounts are used for example purposes only. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided in this video.
How Do I Minimize Taxes on Severance Payments? - YouTube |
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| People & Blogs | Upload TimePublished on 21 Jan 2015 |
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