Questrade Layoffs: Job Cuts And Severance Pay

Questrade Financial Group laid off employees on November 29, 2024, as part of a company restructuring. The Toronto-based financial services company hasn’t said how many jobs were cut or which departments were affected.

There have been no reports of another major round of Questrade layoffs since. This page covers the job cuts and what employees should know about their severance rights.

If you’ve lost your job at Questrade, you could be owed up to 24 months’ severance pay. Your first offer may be much less than you’re actually entitled to.

On This Page:

• 1. Questrade Layoff News
• 2. Severance Pay
• 3. Bonuses And Benefits
• 4. Employee Rights
• 5. Before You Sign
• 6. Common Questions

What Happened During The Questrade Layoffs?

On November 29, 2024, Questrade confirmed it had cut jobs to better align its workforce with the company’s business strategy.

According to The Canadian Press, Questrade said its business remained healthy and that the layoffs weren’t the result of financial difficulties.

Questrade hasn’t revealed how many employees lost their jobs. It also hasn’t said which offices or teams were affected.

Read our November 2024 Questrade layoff report for more details about the announcement.

Has Questrade Announced More Layoffs?

Questrade’s last widely reported round of layoffs was in November 2024. No further major job cuts have been reported as of October 2026.

The company has since continued expanding its financial services, including new banking products through Questbank. That expansion is separate from the earlier layoffs.

How Much Severance Could Questrade Employees Receive?

Non-unionized Questrade employees can be entitled to up to 24 months’ severance pay when they’re fired or laid off. The amount depends on their employment contract, circumstances and the law that applies to their job.

There’s no automatic rule that gives you one or two weeks of pay for every year you’ve worked. Your severance can depend on:

• Age: Older employees can have more difficulty finding comparable work.
• Years of service: Long-serving employees can be owed substantial compensation.
• Position: Financial advisors, technology professionals, compliance specialists and managers may have different entitlements.
• Job opportunities: The difficulty of finding similar work can affect your severance.
• Employment contract: Your contract can affect what you’re owed, but not every termination clause is enforceable.

Questrade’s standard package isn’t necessarily your full severance entitlement. Have the offer reviewed before accepting it.

Do Questrade Bonuses And Commissions Count Toward Severance?

Yes, they can. Your severance isn’t necessarily limited to your regular salary.

Depending on your employment agreement and compensation plans, your package can also include:

• Bonuses and performance incentives
• Sales commissions
• Health, dental and insurance benefits
• Pension or retirement contributions
• Stock options and other equity compensation, where applicable

Getting fired doesn’t automatically mean losing bonuses or commissions you would have received during your legal notice period. The same can apply to stock-based compensation.

Don’t assume those amounts are lost simply because Questrade says your employment has ended. Have your compensation plans and severance offer reviewed together.

What Are Your Rights If Questrade Fires Or Lays You Off?

Questrade can eliminate jobs as part of a restructuring. That doesn’t mean it can avoid paying severance.

Whether the company calls it downsizing, restructuring or eliminating your position, you still have employment rights.

Does It Matter Which Questrade Company You Work For?

Yes. Questrade Financial Group includes several businesses, including Questbank.

Employees of federally regulated banking operations can have different termination rights from employees working for provincially regulated companies.

Check which company is named on your employment contract or pay statements. That can help determine which employment laws apply to you.

Learn more about federal severance pay.

Can Questrade Temporarily Lay You Off?

In Ontario, most non-unionized employees can’t simply be put on temporary layoff without their agreement.

If Questrade doesn’t have the legal right to temporarily lay you off, you may be able to treat the layoff as a constructive dismissal and pursue severance immediately.

You don’t necessarily have to wait months to see whether your job comes back. Different rules can apply to federally regulated employees.

What If Questrade Says You Were Fired For Poor Performance?

A bad performance review or missed sales target doesn’t automatically mean Questrade can fire you without severance.

Most performance-related dismissals don’t meet the legal standard for just cause. Even if you’ve been warned about your performance, you could still be owed substantial compensation.

Read more about termination for cause.

What Should You Do Before Signing A Questrade Severance Package?

Don’t sign your severance agreement until you know whether Questrade’s offer is fair.

1. Keep your termination documents. Save your termination letter, severance offer and any release you’re asked to sign.
2. Gather your compensation information. Include your employment contract, salary details, bonuses, commissions and benefits.
3. Check who employs you. Your legal rights may differ depending on which Questrade company you work for.
4. Speak with an employment lawyer. Find out what you’re owed before accepting an offer or trying to negotiate yourself.

Can You Negotiate More Severance From Questrade?

Yes. You don’t have to accept Questrade’s first offer if you’re owed more.

An employment lawyer can review your package and negotiate additional compensation. That doesn’t mean committing to a long court battle. Most severance matters are resolved quickly through negotiation.

Samfiru Tumarkin LLP helps non-unionized employees in Ontario, Alberta and British Columbia understand their rights and pursue the money they’re owed.

Learn more about our severance package review.

Before you sign, always check first.

Questrade Layoffs: Common Questions

When Did Questrade Last Announce Layoffs?

Questrade last publicly confirmed layoffs in November 2024. No further major round has been reported as of October 2026.

How Many Questrade Employees Were Laid Off?

Questrade hasn’t said how many employees lost their jobs in November 2024.

Can Questrade Employees Get 24 Months’ Severance?

Yes. Depending on their employment circumstances and applicable law, non-unionized employees can be entitled to up to 24 months’ pay. Age, position, years of service and the ability to find similar work can all affect the amount.

Can You Get Severance After Only A Short Time At Questrade?

Yes. Even employees with only a few months or years of service can be owed significant severance. Length of service is only one part of the calculation.

What If Questrade Eliminates Your Position?

You can still be owed severance. Questrade’s decision to eliminate a job doesn’t eliminate the employee’s right to compensation.

What If You’re Unionized?

Contact your union about your termination and any grievance deadlines. Unionized workplace disputes are handled through the collective agreement and grievance process.

Sources

• The Canadian Press: Questrade confirms layoffs, November 29, 2024
• CityNews: Canadian layoffs reported in 2024
• Questrade and Temenos: Questbank banking announcement, May 2026

Disclaimer: This article provides general information about Questrade’s reported layoffs and Canadian employment law, not legal advice. Your rights depend on your employment circumstances, contract and applicable law.