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Can I Collect Both Employment Insurance and Severance Pay? The general rule in Canada is that individuals are not allowed to collect Employment Insurance (EI) benefits while they receive severance pay. A severance package represents the compensation you would have received if you had continued in your position.

Use the following lump-sum withholding rates to deduct income tax: 10% (5% for Quebec) on amounts up to and including $5,000. 20% (10% for Quebec) on amounts over $5,000 up to and including $15,000. 30% (15% for Quebec) on amounts over $15,000.

Tips on negotiating While severance packages are often generous, Business Insider magazine suggests that a severance package that has been negotiated is often the most optimal.

Severance pay is usually based on the number of years you've worked at your employer. Generally, you'll get one week to four weeks of pay per year of service, but it is common for employers to pay out two weeks of pay for each year at the company.

In most cases, it is safe to assume that a party's first offer is not its best offer. Negotiating your severance package is often necessary to ensure you are getting the best package from your employer.

Here are some steps to follow for how to negotiate a severance package when quitting a job: Read your employee handbook. ... Determine if your company has a standard severance package. ... Talk to former coworkers. ... Think about how you want to be paid. ... Consider talking to a legal professional. ... Prepare for your exit interview.

Should I wait until I'm no longer collecting severance pay to file my application? No, if you are collecting severance pay, or are going to be collecting severance pay, file your application as soon as you become unemployed.