Guelph Lawyer Guiding Clients in Severance Package Taxation
Can I Minimize the Taxes on My Settlement?
When you accept a severance package agreement, all monetary parts of the package may be subject to income taxes. Anything that is classified as income will be subject to the standard income tax rate along with any other employment insurance (EI) benefits you receive. However, an experienced employment lawyer might be able to help you structure your agreement to avoid or reduce taxes payable. This is another of advantage of not signing your agreement before an employment lawyer has reviewed it.
At Peter A. McSherry Employment Lawyer in Guelph, I help clients evaluate their options after a close review of their severance package offers. Contact me to obtain an evaluation and discover what more I can offer you. You have the right to ask your employer for additional time to review a severance package. Every situation is unique and should be professionally evaluated.
Cambridge Lawyer Helping Clients Benefit From Severance Income Tax Reduction
In each particular situation, different options are present. A consultation to discuss every aspect of your case can open doors that most people and, even most lawyers, do not consider. Severance settlement taxes may be reduced if human rights violations or other damages have contributed to costs, losses and/or emotional impacts. Additionally, job search expenses and receipted benefit costs may not be taxable.
These are just a few examples of possible tax relief we may be able to seek from a severance package.
Contact Peter A. McSherry Employment Lawyer Today
As a Guelph lawyer knowledgeable in severance package taxation, I can help you maximize your benefit and minimize your tax obligations related to a severance agreement. Contact me today by phone at 519-821-5465 or by e-mail to schedule a consultation.