Option for Taking a buyout from old job
March 5th, 2007 by Questions
Hi, Due to being on indefinite layoff my commonlaw husband and I moved from Ontario to Alberta to find work. After moving to Alberta we had to file Bankruptcy. I have just been offered a buyout from my employer in Ontario. The amount is 75,000.00 which is the amount We were bankrupt for. Can I take this buyout?? If I take cash I will only end up with 50,000.00 if I put it into RSP I will keep the whole amount. Can I do that being BAnkrupt. Can I give the whole amount to the Licensed Insolvency Trustee and wiped clean of debt?? And if so will I be taxed on this amount the following year.