TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 1

Question

Lump Sums

Forum|Forum|3 years ago
January 4, 2023
1 reply
2 views

I am getting a lump sum payment instead of a raise this year. Is there a way that this can be taxed as income instead of a Bonus?

Level 15

Your income is your income, and it will be taxed at your tax rate. The employer may withhold a little more from a bonus or lump sum when they pay you, but you are not ultimately going to be taxed more. You will enter the amounts from your W-2 and the software will calculate your refund or tax due at the correct tax rate for the total amount of income you received.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**