With deadlines looming near for T4 submissions due the last day of February, we felt it was a good time to review a few changes that have transpired during the most unique year most of us have experienced.
T4s have new reporting requirement where employment income and retroactive payments have to recorded according to the following time periods:
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
These periods align with COVID-19 benefit eligibility periods. A sidenote is that the day that the employee was paid may not necessarily be the same period in which the work was performed. For example, if an employee was paid on May 15th for work done during the period covering April 25th to May 9th, the income should be reported in period 58.