Blog: RELOCATING TO TORONTO: Lump Sums
The bottom line is that 2015 is the time to evaluate your company’s lump sum program. Evaluating Current Lump Sum Plans. Lump sum relocation programs typically are inherited by HR managers.
· So you’re tired to living with short summers and are thinking of moving to the U.S. Perhaps you are U.S. citizen who worked in Canada for a number of years and are returning. In either case you may have some questions about the implications of holding an RRSP in Canada or taking it with you when you leave.
The lump-sum reimbursement is fully taxable to the employee. Depending on the company program, either the company or the employee would ultimately bear the associated tax cost of including these amounts in the employee’s wages. However, other companies have structured their lump-sum program to cover all relocation expenses.
Relocating to where the payor may have family in a country which is not a signatory to an international enforcement treaty is an immediate concern of the recipient decision for the payee to seek a lump sum. A relocation may also cause an added layer of complexity when it comes to enforcement and exchange rate of the alimony payments. Caveat
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· So, I suggest coming with a large lump sum to start off your stay in Germany. Also, know that apartments don’t necessarily come with kitchens or washing machines. So you might need to.
Because relocation expenses are a one-time cost for a company, negotiating a relocation package is sometimes easier than negotiating a higher salary.For companies, covering relocation services can be a smart, cost-effective recruitment tactic – companies may try to attract candidates by mentioning that relocation services are available in job listings.
A traditional fixed lump sum policy approach provides the relocating employee with a flat amount of money that he or she can use to pay relocation expenses. Under this program, the employee is usually responsible for coordinating the move details and allocating the available funds.
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