Notice Pay or Payment in Lieu
An employer has to provide you with notice prior to terminating you. In the alternative an employer might provide payment in lieu meaning payment instead of the notice. This is done so that the employee is unable to return, of course if the payment is accepted.
The legal requirements for notice is dependent on various factors such as the Employment Standards Act and the factors the courts have developed. If an employer fails to comply with notice provisions they could be liable for a wrongful dismissal.