CRA confirms that retiring allowances can be paid in instalments over an extended period of years

CRA confirmed that a retiring allowance can be paid in instalments over a number of years (without any limitation on the length of the chosen term), in which case the retiring allowance is taxable to the individual only as received.

Neal Armstrong. Summary of 26 June 2024 External T.I. 2023-0961541E5 under s. 248(1) – retiring allowance.