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Salary Advance is a loan program that allows employees to advance on their next salary in the fastest and most convenient way possible. Just by sending an SMS, loan proceeds will be credited to their account within 10 minutes. Once it’s in the payroll account, the customer can withdraw the funds through any ATM.
1 “ Note: All user activity is monitored and recorded. Employees using this time clock give their express consent to such system monitoring and recording. This system tracks and records each computer’s IP address to verify that punches were entered from an authorized computer”
You will be entitled to collect the amount of loan/advance from the employee. However, how you treat the advance/loan will depend on whether or not the employee repays you. If the employee repays you in full in 2021, you will not amend the 2020 T4 slip to include the advance/loan as income. The 2020 T4 slip will remain as originally prepared ...
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