Business decisions may cause a company to relocate from one city to another, or even from one province or territory to another. How these relocations will affect employees is a question that unfortunately isn’t necessarily a major consideration in the original decision. In fact, in many cases this issue is relegated to the Human Resources department.
Is there anyone in the payroll environment who can honestly say they get bored with retiring allowances? Personally, I find it one of the more challenging topics. Payroll professionals involved in the termination process need to fully understand the legislative requirements specific to retiring allowances to ensure reporting and withholding compliance. A resource that no payroll professional should be without when dealing with this matter is a copy of the Canada Revenue Agency’s (CRA) Interpretation Bulletin (IT) – IT337R4 Retiring Allowances.