wildmanyeah
Crew Member
Just FYI if you see a bunch of new crap on your T4 and are wondering what it is.
For the tax year 2020, in addition to reporting employment income in Box 14 or Code 71, Employers will use new "other information codes" when reporting employment income and retroactive payments in the following periods (this is in relation to earnings periods for which an individual may have received a COVID related government subsidy):
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 that all employers should report income and any retroactive payments, including cash and non-cash taxable benefits, made during these periods, regardless of whether or not they applied for and received CEWS.
For the tax year 2020, in addition to reporting employment income in Box 14 or Code 71, Employers will use new "other information codes" when reporting employment income and retroactive payments in the following periods (this is in relation to earnings periods for which an individual may have received a COVID related government subsidy):
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 that all employers should report income and any retroactive payments, including cash and non-cash taxable benefits, made during these periods, regardless of whether or not they applied for and received CEWS.