New 2020 T4 reporting requirements

01 September, 2020 - By Luisa Almazan

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The CRA announced that employers are required to report the timing of payments on the T4 slip for 2020.

These new reporting requirements are intended to allow the CRA to validate payments that correspond to periods of the 2020 government assistance programs: the Canada Emergency Wage Subsidy (CEWS), the Canada Emergency Response Benefit (CERB) and the Canada Emergency Student Benefit (CESB).

T4’s will include the following breakdown for 2020:

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

The requirement for the eligibility criteria for the above listed programs is based on employment income for a defined period. These periods are related to COVID-19 benefits eligibility.

Employers have to report income and any other payments made during these time periods.

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