New T4 and T4A reporting requirements for 2023

The Canada Revenue Agency has issued a Tax Tip reminding employers and pension plan administrators of a change in T4 and T4A reporting rules, beginning with the 2023 tax year.

All issuers of T4s and T4As must indicate on such information slips for 2023 whether, on December 31, 2023, a payee or any of their family members were eligible to access dental insurance, or dental coverage of any kind through their current or former employment.

For purposes of the new reporting requirement, new boxes will be added to the T4 and T4A forms. Details of how to complete T4s and T4As to comply with the new requirements are outlined in the CRA Tax Tip, which can be found at Employers and pension plan administrators: Changes coming to T4/T4A reporting - Canada.ca.

*The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.