The Canada Revenue Agency (CRA) has announced updated T4 reporting requirements for 2020. These additional requirements are designed to assist the CRA with validating Canada Emergency Wage Subsidy (CEWS), Canada Emergency Response Benefit (CERB) and Canada Emergency Student Benefit (CESB) payments. All businesses, irrespective of whether the business applied for any Federal Government COVID-19 support funds, must complete these additional reporting requirements.
The new T4 reporting requirements consist of four new input fields which indicate the employees’ income and any retroactive payments that were paid within a particular period. These fields include:
For more information, view the CRA website or reach out to your Bateman MacKay LLP Business Advisor.
Sign up for our newsletter and receive tax, accounting, and COVID-19 resources for your business!