Changing T5 to NR4
Moderator: Mark T Serbinski CA CPA
Changing T5 to NR4
I'm a US citizen & my husband is a Canadian citizen holding a US greencard, and we're living in the US. We sold his Canadian business in 2022 and opened a non-resident tax account to pay the 25% withholding for those profits. He only spent a few weeks in Canada in 2022 to deal with closing the business so will be considered a non-resident for 2022. He didn't close his Non-registered investment account or his RBC checking/savings accounts. We just received T5s for the interest income and capital gains dividends each ~$150. Do we need to contact both companies and have them change the accounts to non-resident accounts and issue a NR4 instead of a T5 so we don't have to file a non-resident tax return?
Re: Changing T5 to NR4
No need.
First, your non-registered investment account should be closed. You are not allowed to have a Cdn account if a Resident of the US. The bank accounts are ok.
They typically won't reissue these. If you give the bank your correct residency, they *might* send you NRs next year, but you can figure out the income for yourself in any event.
First, your non-registered investment account should be closed. You are not allowed to have a Cdn account if a Resident of the US. The bank accounts are ok.
They typically won't reissue these. If you give the bank your correct residency, they *might* send you NRs next year, but you can figure out the income for yourself in any event.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing