economy, profit, stock exchange

T4 2020: What’s New?

As you know that the last day of February falls on Sunday, your return is due the next business day that means Monday, March 1, 2021 according to the CRA.

 

Due to Covid 19, CRA introduced a couple of new box numbers which may confuse you when you look at the bottom of your T4. These are:

 

Box 57: Employment Income – March 15 to May 9

Box 58: Employment Income – May 10 to July 4

Box 59: Employment Income – July to August 29

Box 60: Employment Income – August 30 to September 26

 

If you are filling your return by yourself, you may think where this information will be keyed under Tax Filing Software! .

 

These boxes are actually for “CRA use only” purposes and you do not need to enter them in your Tax filing. When your employer sends the company’s T4 summary to the CRA, all of these breakdowns will go to your individual ‘CRA my account’ automatically. Based on these breakdown, the CRA will determine the eligibility of the CERB (Canada Emergency Response Benefit) which you may claim.

 

Good luck with your Tax Refund!

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