Upcoming Changes to T4 reporting for 2020 Tax Season
The CRA has introduced additional reporting for 2020 T4’s slips, statement of remuneration paid that will apply to all employers. These changes will validate payments received under the Canadian Emergency Wage Subsidy (CEWS), Canadian Emergency Response Benefit (CERB) and the Canadian Emergency Student Benefit (CESB).
Employees are eligible for the CERB, CEWS, and CESB based on income received during a specific period. In addition to reporting employment income in Box 14/Code 71, employers will be required to use codes for reporting income and retroactive payments received during the following periods:
- Code 57: Employment income received from March 15th to May 9th
- Code 58: Employment income received from May 10th to July 4th
- Code 59: Employment income received from July 5th to August 29th
- Code 60: Employment income received from August 30th to September 26th
Please note that Knit’s 2020 T4 Process will be updated to include these changes. For more information on the 2020 T4 updates and for additional support for employers, please visit this link from the CRA’s Website.