NR4 on Cdn departure return?

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casey
Posts: 7
Joined: Thu Jun 26, 2014 6:50 pm

NR4 on Cdn departure return?

Post by casey »

Hello

I moved from Canada to the US in 2022. I am expecting to receive an NR4 form from a Canadian bank for savings interest paid after my date of departure from Canada. As it is arms length interest no withholding tax has been deducted. Does this mean no tax is due in Canada or do I need to include the NR4 form with my Canadian departure return as it is Canadian sourced income? (I understand I of course need to include the amount in my US tax filing).

Thanks for any assistance you can provide
nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: NR4 on Cdn departure return?

Post by nelsona »

Whether or not you get an NR4 or not, you only report pre-departure interst on your Cdn departure return. CDn payors typically send only ONE slip per tax year. It could be a T5 or an NR4, but, as I said, it doesn't matter. You will include only pre-departure interest on your Cdn return.

Cdn interest to a non-resident is never included on a Cdn tax return.

As for the portion you receive after you left, if you file a 1040NR, you don't have to report it there either. It would only be if you file a 1040 (either full year or dual-status) that you would include any Cdn interest.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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