UPDATE FOR REPORTING T4 SLIPS THIS YEAR

UPDATE FOR REPORTING T4 SLIPS THIS YEAR

Please find below an important update and requirement for reporting T4 this year.

For the 2020 tax year, the Canada Revenue Agency (CRA) will be introducing additional reporting for the T4 slip, Statement of Remuneration Paid.

Additional reporting requirements will apply to all employers and will help the CRA validate payments under the Canada Emergency Wage Subsidy (CEWS), the Canada Emergency Response Benefit (CERB) and the Canada Emergency Student Benefit (CESB).

How to report employment income during COVID-19 pay periods

For the 2020 tax year, in addition to reporting employment income in Box 14, other  new information codes must be completed when reporting employment income and retroactive payments in the following periods:

  • Code 57: Employment Income – March 15 to May 9
  • Code 58: Employment Income – May 10 to July 4
  • Code 59: Employment Income  –  July 5 to August 29
  • Code 60: Employment Income – August 30 to September 26

Eligibility criteria for the CERB, CEWS, and CESB is based on employment income for a defined period. The new requirement means employers should report income and any retroactive payments during these periods.

To find out more information about this new requirement please visit: https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/support-employers-cra-covid-19.html#howto

No Comments

Sorry, the comment form is closed at this time.