On March 10, 2021, CRA released updated guidance on T4A slips. In particular, it noted:
What if there is a mistake with the amounts reflected on your T4A?
A small number of individuals may notice that their T4A does not reflect the payments they actually received. Perhaps they repaid an amount in 2020, and it is not reflected on the slip, or they have not made a repayment but the income reported on the slip has been reduced by some other amount. Some others who did not apply for COVID-19 emergency and recovery benefits may get a T4A. These matters require prompt attention and these individuals should contact the CRA.
- CRA agents are prioritizing the resolution of issues with individuals’ T4As.
- Once the issue has been resolved, an amended slip will be issued. Beginning March 10th, individuals can periodically check My Account to see if the amended slip has been issued.
Should you file your 2020 income tax and benefit return if you are waiting for the CRA to resolve an issue with the T4A you received?
Yes. The CRA encourages everyone to file by the deadline. This will ensure there are no interruptions to benefit or credit payments, and helps taxpayers avoid late-filing penalties.
Individuals can use information they have on hand to estimate the income they received, and any income tax withheld from COVID-19 emergency and recovery benefit payments, and file using that information. If needed, the CRA will reassess these returns after the T4A is corrected and an amended or canceled T4A is issued.
- Once certain individuals file their 2020 income tax and benefit return, they may not be required to pay interest on any outstanding income tax debt for the 2020 tax year until April 30, 2022.
- CRA has the discretion to cancel penalties and interest that have been charged to their account if they are unable to meet their tax obligations due to extraordinary circumstances.
Learn more here: Questions about your T4A? Here’s what you need to know – Canada.ca