T4 Changes 2020 - Additional Boxes Need to be added to T4 - Covid 19

CRichard · ‎September 23, 2020

https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/support-employers-cra-covid-19.htm...

How to report employment income during COVID-19 pay periods

For the tax year 2020, in addition to reporting employment income in Box 14 or Code 71, use new other information codes when 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

Eligibility criteria for the CERB, CEWS, and CESB is based on employment income for a defined period. The new requirement means employers should report income and any retroactive payments made during these periods.

Example

If you are reporting employment income for the period of April 25 to May 8, payable on May 14, use code 58.

LNFigures · ‎October 30, 2020

So, do we know if Quickbooks will do this, or will we have to do manually?

SJ12 · ‎November 29, 2020

There are other threads on that topic here, here and here

Lyn20 · ‎December 20, 2020

Hi,

Do you know if the amounts entered on these four new boxes should reconcile on the amounts (gross earnings) we applied for CEWS? What if the amounts we used when applying CEWS did not include taxable benefits?

Thank you

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T4 Changes 2020 - Additional Boxes Need to be added to T4 - Covid 19