For 2020 T4 reporting, the CRA has introduced updated reporting requirements for T4 slips. The new requirements include new boxes for reporting employment income and retroactive payments in the following 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 additional reporting requirements apply to all employers, regardless of participation in the number of government subsidies available.
These new reporting requirements are in addition to the existing requirement to report employment income in Box 14.
If Craig & Ross will be preparing your T4 slips, please provide us with the information needed to comply with these new reporting requirements.
If you are filing T4 slips on your own and have any questions, please contact us for assistance.
For more information on this topic, please refer to: