Temporary Wage Subsidy Form PD27
Last year in response to the pandemic, the Canadian government introduced the 10% Temporary Wage Subsidy (TWS) as a source of financial relief for small business owners.
If your business took advantage of the TWS in 2020, as many of our member businesses did, you have a new tax form to complete — Form PD27. This form lets the Canada Revenue Agency properly document the reduction in Canada Pension Plan (CPP) and employment insurance (EI) remittances on your payroll program account and lowers your chances of receiving a discrepancy notice at the end of the year.
Wagepoint – a fellow Canadian Chamber member has created a helpful guide that walks you through how to properly complete and submit the new form.
We also recommend reaching out to your local accountant or bookkeeper to discuss this new form further with them.