Questrade Layoffs: Your Rights and Severance Pay Explained

Navigating a Layoff at Questrade

Questrade, a major online brokerage firm based in Toronto with over 2,000 employees across Canada, has experienced workforce reductions in recent years due to various factors, including heightened competition in the financial services industry. Layoffs have impacted departments such as customer service, technology, and compliance. If you’re a current or former Questrade employee facing a layoff, understanding your rights and entitlements, including severance pay, is crucial. For details about the most recent layoff event, read our update here.

Experiencing a layoff can bring a mix of emotions—stress, uncertainty, or frustration about how the situation was handled. It’s not just your financial stability that’s disrupted, but also your career plans and confidence. This blog is here to support you. From understanding your severance entitlements to navigating your legal rights as a non-unionized employee, we’ll guide you through your next steps.

What Every Questrade Employee Should Know After a Layoff

1. You don’t have to rush into a decision. There’s no enforceable deadline to accept a severance offer, even if your employer gives you one. Take the time you need to review the offer, understand your rights, and assess the impact of the layoff.
2. Severance is based on more than just years of service. Factors like your age, job title, and the availability of similar work all play a role in determining the full amount you’re owed, which can be up to 24 months’ pay.
3. Your severance offer isn’t always final. A second opinion can uncover gaps in your severance package, such as unpaid bonuses, benefits, or other entitlements. Many employees are owed more than they initially realize.
4. You have legal protections. Canadian employment law is designed to ensure employees are treated fairly during layoffs. Employers must provide proper notice of termination or severance, and termination packages must meet legal standards.
5. You’re not alone in this process. Layoffs can feel overwhelming, but with the right guidance, you can navigate this situation confidently and secure the compensation you’re owed.

Watch: Key Things to Know After a Layoff, with employment lawyer Lior Samfiru on the Employment Law Show.

Recent Developments at Questrade

Questrade has conducted layoffs in recent years as part of cost-cutting and restructuring efforts. Here’s a timeline of significant events:

• November 2024: Questrade Cuts Hundreds of Jobs Amid November Restructuring.
• August 2023: Questrade acquires Flexiti from CURO.

Steps to Take If You’ve Been Laid Off by Questrade

1️⃣Don’t Sign Anything Immediately: Take your time to review all termination documents carefully. Speak with a lawyer before signing anything to ensure you’re fully informed and not rushed into a decision.

2️⃣Calculate Your Severance: Use our Severance Pay Calculator to estimate what you may be owed. Knowing the value of your entitlements can help guide your next steps.

3️⃣Document Everything: Keep copies of termination letters, severance offers, and any correspondence with your employer.

4️⃣Get Legal Advice: Contact an employment lawyer to ensure your severance reflects all of your rights and entitlements.

5️⃣ Start Exploring New Opportunities: Begin updating your resume and looking for new roles. Proactively seeking work not only helps your career but also shows that you’re making an effort to mitigate your losses, which is important in severance cases.

FAQs about layoffs

Can an employment contract affect my severance?

Yes, an employment contract can affect your severance if it includes enforceable termination clauses, but many of these clauses may be invalid for several reasons.

Can I be put on a temporary layoff?

Temporary layoffs for non-unionized employees are generally not permitted by law unless specifically allowed by an employment contract or. Like any change to your job, they can be treated as a termination through a constructive dismissal claim.

Am I entitled to severance as a contractor?

You may qualify if your work relationship is closer to that of an employee, which is quite common in Canada.

Can I negotiate my severance package?

Yes! Most severance offers can be negotiated to reflect full compensation.

Why choose Samfiru Tumarkin LLP?

At Samfiru Tumarkin LLP, we’ve helped over 50,000 clients secure fair severance packages, recovering millions of dollars for employees across Canada. Our team includes lawyers with extensive experience handling Questrade-related cases, ensuring you receive expert guidance. Here’s how we can assist:

Our team specializes in representing non-unionized employees in Ontario, Alberta, and British Columbia, ensuring their rights are fully protected. Beyond employment law, we also handle disability claims and personal injury cases, providing comprehensive legal support.

Get help with your severance today

Contact Samfiru Tumarkin LLP to get the compensation you’re entitled to. Call 1-855-821-5900 or request a consultation online.

Additional resources for employees

• Severance for provincially regulated employees
• Severance pay by company
• Severance packages in mass layoffs
• Termination for cause: Why severance may still be owed
• Wrongful Dismissal: What it is and how to respond
• Employment rights when a business closes

Disclaimer: The materials above are provided as general information about the rights of non-unionized employees in Canada. It is not specific to any one company and should not be read as suggesting any improper conduct on the part of any specific employer, or a relationship between Samfiru Tumarkin LLP and a specific employer.