This has been the year of adjustments. A huge number of businesses have had to reinvent how they handle their day-to-day business. It is no surprise that T4’s have not been spared.
For the 2020 tax year, employers will be expected to report pandemic-related benefits in the other information on T4 slips in an effort to track payments. This means that income earned from an employer between specific time frames must be reported under specific codes.
Another addition to T4’s this year is the amount of CEWS you used for each employee’s salaries by using special codes in the “other information” portion. CRA will release more information about the specific reporting requirements at the end of the year.
If you qualified for the 10% Temporary Wage Subsidy, you will first have to keep all payroll records including your calculations for eligible employees. You are also required to submit a form for each of your payroll accounts. CRA will use information submitted in you’re the form you submitted to reconcile each payroll account. Do you have more questions regarding T4s and T5s? Contact Us.