TD Bank Severance Packages

Toronto-Dominion Bank (TD Bank) is a Canadian multinational banking and financial services company.

With roots going back to 1855, TD Bank was formed following the merger of The Bank of Toronto and The Dominion Bank on Feb. 1, 1955.

To date, the financial services company is the sixth largest bank in North America by assets — serving more than 27.5 million customers.

Headquartered in Toronto, Ontario, TD Bank has offices in other major Canadian cities, including Montreal, Calgary, and Vancouver.

The bank claims on its website that it employs a global workforce of approximately 95,000 people.

Recent layoffs at TD Bank

• November 2023: TD Bank is cutting approximately three per cent of its workforce as part of a restructuring.
• October 2015: TD Bank is eliminating an undisclosed number of jobs as part of a company-wide review to trim costs amid a challenging operating environment.
• April 2015: TD Bank confirmed that it recently laid off some senior executives as part of an “organizational review.”

Severance for TD Bank employees

In Canada, non-unionized employees at TD Bank can get up to 24 months of severance pay when they are fired or laid off from their job. This includes individuals working full-time, part-time, or hourly in Ontario, Alberta, and B.C.

Severance is the compensation that non-unionized workers in Canada receive from their employer when they are fired without cause.

Even if you are fired for cause, it’s very likely that you are still entitled to full severance pay because employees often don’t meet the conditions necessary for this type of dismissal.

LEARN MORE
• Severance for federally regulated employees
• Severance packages in mass layoffs
• Bank of Montreal Layoffs and Severance Pay

Regardless of a company’s grasp on employment law, they are legally required to provide proper compensation following a termination.

This concept applies during challenging economic conditions, downsizing, the closure of a business, or major public health events such as the COVID-19 pandemic.

WATCH: Employment lawyer Lior Samfiru explains everything you need to know about severance pay on an episode of the Employment Law Show.

The employment lawyers at Samfiru Tumarkin LLP have represented numerous banking sector employees over the year in severance package negotiations.

We have successfully secured much larger amounts for individuals employed across a variety of positions, from entry level jobs to executives.

How to properly calculate severance pay

Employers often incorrectly calculate severance pay. There is a belief that severance is one week’s pay, two weeks’ pay, or a week for every year of service an employee has with the company.

The reality is that severance for non-unionized employees in Canada can be as much as 24 months’ pay.

The amount of compensation you are owed is calculated using a variety of factors, including age, length of service, position, bonuses, benefits, and your ability to find new work.

To figure out how much compensation you may be entitled to, use our firm’s Pocket Employment Lawyer.

ADDITIONAL RESOURCES
• Severance Pay in Ontario
• Alberta severance packages
• Understanding severance in B.C.
• Layoffs in Canada

Don’t sign on the dotted line!

Do not accept any severance offer, termination papers, or exit agreement that TD Bank may provide you with.

Once you sign back these documents, you eliminate your ability to negotiate a fair and proper severance package.

Generally speaking, if an employee does not receive the proper amount of severance pay when they lose their job, they may be considered to have been wrongfully dismissed. An employment lawyer at Samfiru Tumarkin LLP can analyze your situation and explain how much compensation you may be owed.

Talk to an employment lawyer

The experienced employment law team at Samfiru Tumarkin LLP has helped tens of thousands of non-unionized individuals across the country. In addition to severance package negotiations, our team has experience securing solutions for the following employment matters:

Our lawyers in Ontario, Alberta, and B.C. stand ready to help you solve your workplace issues.

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

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.