I departed Canada in July of 2015 and have a fair amount of income on some T3 slips. I was not aware that I had to notify my financial institution to let them I know I’m now a non-resident. This has all been corrected for 2016 and they will issue me the correct NR4 slip and will still service the accounts for me.
My problem is this. Based on this forum, it looks like I’m taxable on all the income on the T3 slip until July on the final return and then only the dividends after July (at a flat 15%). Is this correct? I also have foreign income and interest income on the slips. Is this taxable as a non-resident or just the dividends?
I’ve looked at my monthly statements for the entire year and can’t for the life of me reconcile the type of distributions paid with my T3 slips. They all say dividends on my statement, but I know some were foreign dividends and some was interest. How do I figure out which is which to know what amounts to include on the final return and what amounts to tax at the flat 15%? I’m so confused…
Prorate T3 in Year of Departure
Moderator: Mark T Serbinski CA CPA
The financial institution can tell you what each distribution consisted of (int/div/cap gain) for each instance. they typically don't put it on the statement, it is in their quarterly reports.
You report only the distributions from before your move on your return. For Cdn dividends paid after your departure date, you send, by letter, a cheque for 15%, not on your tax return. The post-departure interest and cap gains are not taxable in Canada, nor would be any foreign income.
You report only the distributions from before your move on your return. For Cdn dividends paid after your departure date, you send, by letter, a cheque for 15%, not on your tax return. The post-departure interest and cap gains are not taxable in Canada, nor would be any foreign income.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing 