Severance alternatives - please help choose
First, about me: Mid 30's. Worked in this company for 10 years. I make approx $100,000 in the current job which is ending. Already found a new job starting in February, making $120,000 in the new one. No debts except a $350,000 mortgage. About $100,000 room in RRSP and TFSA for me + partner.
Severance: I'd be eligible to get approx $80,000 (nearly 10 months of salary) which I can draw in two ways.
Option 1: Lumpsum.
I suppose the employer will withhold taxes.
Option 2: Salary continuance.
I'll get paid for approx 10 months and I suppose the employer with withhold taxes, pay CPP, EI. During this time, I continue to get benefits, RRSP matching, vacation credits. I don't know if I should care for this perks; the new employer has very similar benefits.
If you were me, which option would you pick? In either case the 2019 income is going to show a huge spike.
Thanks in advance!