Company Pensions

Pensions: lump sum or monthly payments?

Retiring employees or employees who otherwise leave their jobs are often faced with a tough decision to make regarding their employee pensions. In many instances, companies will offer their employees the choice between taking their pension in a lump sum form or taking the pension in the form of a monthly pay-out. Read more on this topic.

Pension Income Credit

Do you know how the Federal Pension Income Tax Credit is calculated?  Did you know that ‘pension
income’ is calculated differently depending on your age?  Do you know what is excluded from ‘pension
income’?  Are you aware of tax planning strategies using the pension income credit?  Read more on this topic.

Severance Payments and Retiring Allowances

Employees leave their jobs for a number of reasons on both a voluntary and involuntary basis. An employee may have voluntarily retired prior to their expected retirement date, or may have been encouraged to retire early through the offer of certain other payments from their employer. Additionally, they may have been terminated by their employer due to the elimination of their position.

Whatever the reason, terminated employees are eligible to receive various types of payments from their employer. These payments vary according to the reason for the employee’s termination. This article will briefly describe severance payments and how these payments can be sheltered from tax by way of a retiring allowance.

Read more about this topic.