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:
- Code 57: Employment income from March 15 to May 9 (Periods 1 & 2)
- Code 58: Employment income from May 10 to July 4 (Periods 3 & 4)
- Code 59: Employment income from July 5 to August 29 (Periods 5 & 6)
- Code 60: Employment income from August 30 to September 26 (Period 7)
For more information, view the CRA website or reach out to your Bateman MacKay LLP Business Advisor.