TD Bank Group is a major employer in Ottawa, with operations spanning personal banking, insurance, investment, and wealth management. With a strong focus on digital banking and cost-efficiency, some roles are being consolidated or phased out, especially in operations and support.

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Steps to Take if You’re Laid Off or Offered Severance:

1. Review Your Offer for Hidden Limitations

TD’s standard packages often include release clauses, which waive your right to pursue legal claims. Don’t sign until you’ve had it reviewed.

2. Account for Deferred Compensation

If you’re in a role that includes bonuses, RSUs, or profit-sharing, your severance should reflect the full value of those entitlements. Don’t accept an offer that overlooks these.

3. Understand Common Law Entitlements

While Ontario law sets minimum severance standards, many TD employees are entitled to well above that, especially if you’ve worked for over 5 years.

4. Consult a Lawyer, Even for Voluntary Buyouts

TD may offer voluntary exit packages. While tempting, these can shortchange you compared to what you’d receive under a dismissal. One of our employment lawyers can help you compare options.

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FAQs:

• What if I was offered a new role I don’t want?

If the new role is significantly different, lower in status, or involves a pay cut, you may be able to refuse it and claim severance.

• Do TD severance packages include benefits continuation?

Sometimes, yes—typically for a few months. But the duration can be negotiated.

• Can I get EI if I accept a buyout?

Possibly. Voluntary exit agreements can sometimes impact EI eligibility—have them reviewed before signing.

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Why Choose Our Firm:

We’ve supported Ottawa-based TD professionals at all levels. Don’t settle for less than you’re entitled to. Do not hesitate to contact us today for a free consultation. 

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