Help for claiming return for giving relocaion allowance back to employer

[hem_him]

Hi

I need help for some income tax return.
i got some relocation money from my last employer, but since i left the job before required time peiod, i have to now return all that money.

At that time when i got the money in my pay cheque., it was considered as my income and tax is deducted at source.
So since now i am returing that money, Can i show that as a negative to my income and get back some return?

Any advise.

[OhGreatGuru]

If this all happened in 2012, your employer ought to account for the refund when preparing your T4 for 2012. But keep your receipt and your pay stubs in case he doesn't. Ask your Pay & Benefits how they intend to handle it, in order to prompt them.

If the relocation allowance was paid in 2011, my guess is that you can't change your 2011 return retroactively, but the refund should be deducted from your 2012 income, and this should be reflected in your 2012 T4.

[hem_him]

can you tell me which place in income tax return i will be mentioning this return amount ?

If this all happened in 2012, your employer ought to account for the refund when preparing your T4 for 2012. But keep your receipt and your pay stubs in case he doesn't. Ask your Pay & Benefits how they intend to handle it, in order to prompt them.

If the relocation allowance was paid in 2011, my guess is that you can't change your 2011 return retroactively, but the refund should be deducted from your 2012 income, and this should be reflected in your 2012 T4.

[Charlie]

It is generally not on the income tax return, but on the T4 you receive from your employer. If you were paid $25K and repaid $5K, they should issue you a T4 for $20K.

Check with the payroll department how they've handled it.

[hem_him]

HI
I talke to my previous employer. They will not mention anything on my T4. thery will just issue me a letter for what ever amount i had returend till that date.
So, 2 more Q's now

1. Under which field/section in tax return i can mention this returned amount ?
2. if i return that relocation allowance in next 2 years, can i use that in my relative tax returns to get a refund back ?

[Homerhomer]

The letter doesn't mean anything, you can't claim a letter on your tax return.

Your T4 should be adjusted, if you worked for this company in the year the sum was refunded than it's easy, your T4 should be reduced by this amount, however if you received taxable allowance in 2011, you have not worked for this company in 2012 but refunded them the allowance in 2012, the company should issue you a T4 with negative box 14 for the amount refunded.