Keep an eye out for letters from the CRA regarding your 2020 payroll filings. If the PD27 filed for 2020 does not include details of the 10% Temporary Wage Subsidy (TWS), a revised PD27 with those details will need to be filed.
The CRA is requiring all eligible businesses, partnerships, non-profits, charities, and sole proprietors with a payroll account to complete and submit PD27 where they have claimed the 10% TWS, indicating how they have applied the TWS.
This form is used to reconcile the T4s wherein there is a discrepancy between the T4 filed amount and T4 remittance amount. This would occur if you had claimed the 10% TWS.
The revised PD27 would need to be submitted to the CRA along with an explanation of the new information.
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Shajani LLP is a CPA Calgary, Edmonton and Red Deer firm and provides Accountant, Bookkeeping, Tax Advice and Tax Planning services.