For the 2020 year, salary in each of four particular time periods had to be separately disclosed on T4 slips. The guidance for 2021 stated that this specialized reporting was only applicable to 2020, however, a recent CRA webinar indicated that it would be applicable to 2021 as well. CPA Canada was able to obtain clarification, finding that the comment in the webinar was erroneous, and that the specialized reporting would not be applicable for the 2021 year.
New Trust Reporting Rules: CRA Update
On January 14, 2022, CRA announced that they will not yet implement the new trust reporting rules. CRA states:
The legislation to support this proposed measure is pending. The CRA will administer the new reporting and filing requirements once there is supporting legislation that receives Royal Assent. The CRA will continue to administer the existing rules for trusts, under enacted legislation. The proposed beneficial ownership reporting requirements will not be part of the published 2021 T3 income tax return. This note will be updated when more information is available. You should not delay filing your 2021 T3 tax return.
CEBA - Extended Repayment Deadline
On January 12, 2022 the government announced that the repayment deadline for CEBA loans to qualify for partial loan forgiveness is being extended from December 31, 2022, to December 31, 2023, for all eligible borrowers in good standing.
Repayment on or before the new deadline of December 31, 2023, will result in loan forgiveness of up to a third of the value of the loans (meaning up to $20,000).
The repayment deadline to qualify for partial forgiveness for CEBA-equivalent lending through the Regional Relief and Recovery Fund is also extended to December 31, 2023.
CWLB - Eligible Regions for Period 12
On January 11, 2022, CRA updated its website to note that all regions in all provinces and territories except for Saskatchewan will be eligible for the Canada Worker Lockdown Benefit for period 12 (January 9-15).
CRA Relief for Employment Benefits
In 2020 CRA announced a series of positions in respect of employer-provided benefits relating to commuting and parking costs, as well as computers and home office equipment. On December 10, 2021* CRA updated their webpage to announce that these positions would be extended to December 31, 2021.
CRA clarified that up to $500 in total for computers or office equipment can be reimbursed for the March 15, 2020 to December 31, 2021 period in total. For example, if $400 was already reimbursed in 2020, only the next $100 in 2021 could be reimbursed without being taxable to the employee.
*This previously read “January 4, 2022”, but has been corrected.