Payroll Reporting Update
PAYROLL REPORTING UPDATE
January 29, 2021
PD 27 forms are required to be completed for any employer who applied or wants to apply for the 10% Temporary Wage Subsidy (TWS) or who applied for the Canada Emergency Wage Subsidy (CEWS).
Although there is no formal deadline for completing this form, the information contained on the form is required to balance your T4 summary and therefore must be completed by the T4 filing deadline of February 28, 2021.
The PD 27 form reports the gross wages, CPP, EI and income taxes deducted for the pay periods eligible for the TWS subsidy. Gross wages include any taxable benefits that would be included in the gross wages reported in Box 14 of the T4 slip such as automobile benefits or insurance premiums.
When completing your 2020 T4 summary, add the amount of TWS claim used to reduce your source deduction remittances to the actual amount of source deductions remitted to box 82 of the T4 summary.
If you have not yet claimed all of the TWS that you are eligible for, you can request that any unused portion either be refunded to you or applied to your 2021 source deduction amounts. This is done by documenting this request in the comment section of the PD 27.