T5 issued to US resident

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jayroh
Posts: 8
Joined: Mon Jun 12, 2006 10:17 pm

T5 issued to US resident

Post by jayroh »

I received a T5 from a bank in Canada. Must I complete a T1 tax return to report this T5? I have been a tax resident of the USA since 2001. My other reporting slips from Canada were all "NR4" with 10 or 15% tax deducted for Canada. How do I pay Canada the 10% owed on this bank interest.?

Thanks
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nelsona
Posts: 18675
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

The way to correct this is by sending a letter to CRA (International) with a copy of the T5 and a checque for the proper withholding.

You should contact the payor and reitertae that you are a US resident (sometimes the mere fact of giving them a US permanent adress just 'click' in them that you are non-resident.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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