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Email this10:03 am
November 8, 2021
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Hi All
I am salaried employee and my employer has paid me the bonus, with condition that i should continue to work for 1 year, if i leave before that i have to pay them back, so my question is i didn't got complete bonus amount as it was taxed, but i have to return the full amount, so how should i proceed, can i get the tax return for the tax paid? or should i return the after tax amount to employer?
Please help !!!
10:27 am
January 12, 2019
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.
The first place to ask those ⬆ questions, would be with your Employer.
FWIW ... I'm pretty sure you'd have to pay the Full Amount back, and then amend your income tax return to recover the tax you paid.
My two centavos,
- Dean
" Live Long, Healthy ... And Prosper! "
12:23 pm
September 11, 2013
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I agree, ask employer.
And I'm certainly no expert but I believe you'll have to include the full amount received in the year you received it as taxable income. But then in the year you repay it there may be relief, deduction that year, i.e. I'm looking at Income Tax Act 8(1)(n), check it out to see the conditions, does that look like it'll work?
Also here's a link that has some info (I'm not attesting to its accuracy):
https://www.hrreporter.com/focus-areas/payroll/cra-updates-overpayments-information/299716
6:01 pm
November 8, 2021
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Logic dictates that once you pay back your employer any sum of money, that amount should be recorded in your tax file. As a consquence, this amount eventually will have to appear in your revenue for the year once the tax forms are distributed by the employer some time in February, following the year it was recorded.
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