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Did
You Know
An
employer can pay and a retiring employee a retiring allowance or termination
payment (which the employer deducts as a business expense) and the employee can
rollover the amount paid to an RRSP on a tax-deferred basis. This means the
employee includes the amount received in income, but gets a deduction on their
tax return for the amount rolled over to the RRSP. Click HERE
for more information.
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