Tax filing content

[lbelmore-gc]

Review requirements for tax filing

• gather info from ABSB on tax filing details for employers and employees
• add content to the new after you apply section
• integration the Info for employers page https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/support-employers-cra-covid-19.html#reporting

[lbelmore-gc]

adding some additional reference info sent in from Manon:
A little bit of information that might help you:
• CEWS – T4
• Where to find the new T4reporting requirements & guide
https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/support-employers-cra-covid-19.html#reporting
https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4120.html
• CERS - T1/T2
• Where to find the reporting requirements
https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/corporations/corporation-income-tax-return.html
& guide ( T1 guide to be published January 18, 2021; projected publishing date of the T2 guide is March 5, 2021)

[lbelmore-gc]

Also adding Alex's comments regarding T4s and T4as

Just so you know, we’re working on the How to File-Pandemic COPs project and how people receiving the individual covid benefits will receive t4as, and we did include a line about how employees on CEWS will NOT receive a t4a, they will only receive their t4. Since we have seen t4 rise in the search results for cews, this provides a quick answer around that.

[lbelmore-gc]

Adding Mirelle's comments

From our perspective, we think that the content you outline below could be enhanced to provide more information on how the income inclusions for both the CEWS and CERS are to be reported on an entity-specific basis (i.e., individuals, corporations, trusts, partnerships, charities, etc.), but this necessarily requires the involvement of the particular program areas responsible for the associated filings. If you could arrange a meeting with all the stakeholders, it would be great.

In the mean time, we can offer the following comments on the existing text:

• Given the broad range of potentially eligible entities, it is inappropriate to say “Annual Return of Income”.
  o For corporations, Canadian resident partnerships, and certain trusts, the relevant filing is not necessarily made/required on a calendar year basis, so “Annual” isn’t especially accurate.
  o Moreover, certain entities (e.g., partnerships, charities) are not taxable.
  o Given that you provide examples, we would suggest using “income tax or other information return” which, while perhaps not perfect, has some basis in published Canada.ca pages (International and Large Business Income Tax Audit and Examination - Canada.ca)
• As mentioned, because certain entities are not taxable, please delete “taxable” from the phrase “when calculating your taxable income”.

Merci and I’m available to discuss in more details tomorrow.