New T4 Slip Requirements for 2020 - AZ Accounting Firm
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New T4 Slip Requirements for 2020

23 Nov New T4 Slip Requirements for 2020

As a result of the Government response to COVID-19, Canada Revenue Agency (CRA) has announced additional reporting requirements for T4 slips. This measure will assist the CRA validate payments related to COVID-19 response programs, including Canada Emergency Wage Subsidy (CEWS), the Canada Emergency Response Benefit (CERB) and the Canada Emergency Student Benefit (CESB). This employment income must be reported on the T4 in Box 14 (employment income) or Code 71 (Canadian Indian tax-exempt employment income).

In addition, the CRA has introduced 4 new codes to report employment income. Each period aligns with COVID-19 benefit eligibility.

There are four new codes for 2020 T4 slips
Code 57: Employment Income for period March 15 to May 9
Code 58: Employment Income for period May 10 to July 4
Code 59: Employment Income for period July 5 to August 29
Code 60: Employment Income for period August 30 to September 26

Additional information can be obtained on the CRA website at:
https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/support-employers-cra-covid-19.html#reporting

For assistance, contact your advisor at AZ Accounting Firm PC contactus@azaccountingfirm.ca

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