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New 2020 T4 reporting requirements

New 2020 T4 reporting requirements

New reporting requirements are intended to help the CRA validate pandemic-related benefits

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The CRA has announced that all Canadian employers must report certain employment payments related to COVID-19 on the 2020 T4 slip, "Statement of Remuneration Paid", using new information codes that correlate to defined periods. According to the CRA, this additional information is intended to validate payments made to individuals under the Canada Emergency Response Benefit (CERB) and the Canada Emergency Student Benefit (CESB) programs, as well as payments made to employers under the Canada Emergency Wage Subsidy (CEWS).

The T4's new information codes for reporting employment income and retroactive payments to employees relate 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

Each period, which aligns with periods relating to COVID-19 benefit eligibility, pertains to the day the employee was paid and not necessarily the period of work the payment covered. For example, if an employer is reporting employment income for the period of April 25 to May 8, payable on May 14, that information would be reported under Code 58.

These new reporting requirements are in addition to the existing requirement to report employment income in Box 14, "Employment Income" or Code 71, "Indian (exempt income) – Employment".

For more information, contact your KPMG advisor.

Information is current to September 1, 2020. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500

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