*NEW* T4 REQUIREMENTS!

As we all know, 2020 was a year we will all never forget and brought along a lot of changes for everyone!

Well now CRA has made changes to the T4 slip that are required to be applied by ALL employers to assist CRA validate payments under the Canada Emergency Wage Subsidy (CEWS), Canada Emergency Response Benefit (CERB), Canada Emergency Student Benefit (CESB).

For the tax year 2020, in additional to the normal boxes, you must complete the following codes for each employee:

• 57 - Employment Income - March 15 to May 9
• 58 - Employment Income - May 10 to July 4
• 59 - Employment Income - July 5 to August 29
• 60 - Employment Income - August 30 to September 26

For more information, visit CRA's bulletin!