T4 slip is a summary of your employment earnings and deductions for the year. This year you may find that CRA has revised the form to include a few more boxes.
At the bottom of your T4 looks like a bunch of numbers and you may be one of many people who don’t know where numbers come from.
Don’t be too alarmed!!!
Along with reporting employment income for the tax year 2020, you will also find these codes on your T4 Slips:
- 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
As per Canada.ca -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.
Contact your tax professional if you need a better understanding of your T4 Slips.
Remember also that If you do not get your T4 slip by the end of February, ask your employer for a copy. If you cannot get a copy in time to complete your return, you may be able to view your tax information online using the My Account for Individuals service (see my blog on Notice of Assessment – Easy guide)