Retirement Allowance and Severance Pay payroll instructions
Canada Revenue Agency (CRA) and Revenu Québec (RQ) regulations state that severance pay and retiring allowances must use the non-periodic lump sum method to calculate tax.
A new payroll instruction, Severance Pay, is added to Rise payroll instruction library which uses the lump sum tax method. The two existing payroll instructions, Retirement Allowance (Eligible) and Retirement (Non-Eligible), are updated to use the lump sum method calculation.
1. In Rise, navigate to Payroll and click the Payroll tab. To view and manage your payroll setup, click Payroll Setup.
2. To review severance pay, click the Payroll Instructions tab and then click Add Payroll Instruction from Provider Library.
3. Click on the dropdown next to Payroll Instruction. Here you’ll see a new payroll instruction, Severance Pay, added to the provider library.
4. Click Severance Pay to review the payroll instruction. For more information on how to add a provider level payroll instruction, refer to our How to add payroll instructions article.
3. Click the Accrual Instructions tab to review the required additional accrual policies.
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