Rifco Layoffs: Over 200 jobs reportedly cut by Alberta auto loan company

What’s happening at Rifco?

Samfiru Tumarkin LLP has been contacted by employees impacted by the reported layoffs at Rifco National Auto Finance. The Alberta-based company, owned by the Chesswood Group, is reportedly laying off over 200 workers.

Rifco National Auto Finance provides financing options for new and used vehicles.

Your next step

Our employment law firm is dedicated to helping those affected by these layoffs understand their employment rights and explore their legal options.

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Termination agreements for Rifco employees

In Canada, non-unionized employees at Rifco are owed full severance pay when they lose their jobs due to downsizing, corporate restructuring, or the closure of the business.

This applies to individuals working in any capacity — full-time, part-time, hourly, or potentially even independent contractors — in Ontario, Alberta, and British Columbia.

Severance is the compensation provided to non-unionized workers in Canada by their employer when they are terminated without cause, and can be as much as 24 months’ pay, depending on a number of factors.

WATCH: Employment lawyer Lior Samfiru explains why you are still owed severance if you have been downsized on an episode of the Employment Law Show.

Severance offers and deadlines

Before accepting a severance offer, double-check the amount using our firm’s free Severance Pay Calculator. It has helped millions of Canadians determine their entitlements.

In addition to your salary, make sure to factor in any other elements of your compensation (i.e. bonuses, commission, etc.).

If your employer’s offer falls short of what our Severance Pay Calculator says you are owed, it’s very likely that you have been wrongfully dismissed and should contact an experienced employment lawyer at Samfiru Tumarkin LLP.

Non-unionized employees in Canada have up to two years from the date of their dismissal to pursue proper severance pay. An employer’s deadline to sign back a severance offer is not legally enforceable or binding.

LEARN MORE
• Severance pay for provincially regulated employees
• Rights to severance during mass layoffs
• Severance entitlements in a recession

Major layoffs continue

The job cuts at Rifco come amid a flurry of layoffs in 2024.

Big names, including Vancity, Stifel, WillScot of Canada, Netflix, McKinsey & Co, EXL Service, Best Buy, Relic Entertainment, Ubisoft, Intel, Amazon, Telus, Canada Goose, Dell, Unilever, IBM, and TC Energy, have pulled out the axe as they continue to navigate challenging economic conditions.

SEE ALSO
• Shell to lay off 20% of deals division, part of restructuring
• Walmart Canada cuts jobs amid restructuring, shift to Spark: Reports
• Where are layoffs happening in Canada?

Lost your job? Talk to an employment lawyer

If you have been fired or let go for any reason, contact the experienced employment law team at Samfiru Tumarkin LLP.

Our lawyers in Ontario, Alberta, and B.C. have successfully represented tens of thousands of non-unionized individuals.

In addition to severance package negotiations, we can assist you on a broad range of employment matters, including:

If you are a non-unionized employee who needs help with a workplace issue, contact us or call 1-855-821-5900 to get the advice you need and the compensation you deserve.