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New T4 Reporting Requirements for 2020

Four new codes are required on the 2020 tax year T4 slip for all employers. The four codes, numbered 57 through 60, identify employment income within certain date ranges, and are intended to assist in the validation of CEWS, CERB, and CESB benefits. For more information, please see:
https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/support-employers-cra-covid-19.html

Currently, we do not know if the Canadian Payroll year-end update will include new functionality to support the reporting of these codes when generating your T4s. Prophet is presently prototyping a process for reporting these new code values, and adjusting T4s accordingly.

 

Should you have any questions, email our Microsoft GP support team or give us a call at 204-982-9890.

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