Questrade Layoffs: Severance Pay for Employees

Questrade is a Canadian online brokerage firm offering self-directed investing and wealth management services. Founded in 1999 and based in Toronto, the company provides tools for trading stocks, ETFs, options, and other securities, as well as managed investment solutions through Questwealth Portfolios.

In Canada, Questrade employs over 2,000 people in roles such as software development, finance, risk management, customer service, marketing, compliance, and data analysis. In 2023, Questrade acquired Flexiti, a Canadian point-of-sale financing solutions provider.

Questrade Layoffs: Severance pay facts

Employees at Questrade are entitled to up to 24 months of severance pay when laid off or terminated without cause, whether full-time, part-time, or hourly. Some independent contractors may also qualify for severance.

Key Severance Facts

• Severance Pay: Severance can reach up to 24 months’ pay and is calculated based on factors such as position, length of service, age, and ability to find similar work. Explore detailed information about severance pay in in Ontario, Alberta, and B.C.
• What’s Included: Severance packages may include salary, bonuses, commissions, and other compensation earned during employment.
• Deadlines: Employees generally have up to two years from the date of termination to pursue severance, regardless of any timelines mentioned in employer documents.

• Communication: You’ll likely be informed of the layoff through a meeting or written notice. During this meeting, you may receive documents such as a termination letter, details about severance, and information on benefits.
• Review Documents Carefully: Avoid signing any paperwork immediately. Take the time to understand the terms and seek legal advice before agreeing to anything.
• Support Options: Your employer may offer resources like career transition services to assist you during this period.
• Severance Offers: Employers might set deadlines for accepting severance packages. Those deadlines aren’t legally binding—you have up to two years from the termination date to pursue your full entitlements.

Remember: You have the right to take your time and make informed decisions. Consulting an employment lawyer at Samfiru Tumarkin LLP can help you navigate this process confidently.

Questrade Layoffs: Timeline and analysis

Below is a timeline of recent layoffs at Questrade:

• November 2024: Questrade is laying off an unknown number of employees in 2024.

Steps to take if you’ve been laid off

If you’ve been impacted by layoffs, consider the following steps:

1. Review Before Signing: Ensure any severance agreements are reviewed by an employment lawyer.
2. Understand Your Entitlements: Use our Severance Pay Calculator for an estimate of your severance.
3. Seek Legal Advice: Contact our team for a consultation to understand your rights.
4. Keep Records: Save copies of termination notices, severance offers, and other relevant documents for reference.

Once you’ve taken the initial steps, it’s essential to work with experienced legal professionals to ensure your severance and rights are fully protected.

Why choose Samfiru Tumarkin LLP

At Samfiru Tumarkin LLP, we focus on securing fair severance packages early in the process, helping employees avoid the time, expense, and stress of litigation whenever possible. With extensive experience representing non-unionized employees across various industries, we provide effective, client-focused solutions to navigate layoffs and secure what you’re owed.

If you’ve been laid off, our experienced employment lawyers are here to guide you. We offer tailored advice for employees in Ontario, Alberta, and British Columbia, ensuring your rights are protected. Beyond employment law, we also handle disability claims and personal injury cases, providing comprehensive legal support.

Let us help you through this challenging time. Contact us today or call 1-855-821-5900 to get started.

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.