Have you applied for any of the COVID-19 benefits such as Canada Emergency Response Benefit (CERB), Canada Emergency Student Benefit (CESB), Canada Recovery Benefit (CRB), Canada Recovery Sickness Benefit (CRSB) or the Canada Recovery Caregiving Benefit (CRCB)?

If yes, then you can expect a T4A Tax slip from the Canada Revenue Agency (CRA) as they have begun issuing slips to all the recipients of the above benefits, starting January 12th 2021.

The COVID-19 benefit payment amounts from your T4A slip must be reported as income on your 2020 income tax and benefit return.

For more information, visit the CRA website.

For all your tax needs and tax related inquiries, contact one of our tax experts at SJ Chartered Accountants serving Mississauga, Etobicoke, Toronto & other surrounding areas in the GTA.