Filing T4A and NR4 slips

You have to prepare and file a T4A slip to report any taxable payments that you make each year during the exempt period to a beneficiary who is a resident of Canada. You do not need to report amounts that are required to be included in the income of a trust that is a former TFSA trust in its first taxable year. There is no requirement to withhold tax on these amounts.

The income must be recorded in box 134 “Tax-Free Savings Account taxable amount” in the “Other information” section of the T4A slip. Send copies of the T4A slip to the recipient’s last known address.

Note

You can also send a copy of one of these slips in electronic format to the recipient if you received the recipient’s consent in writing or electronic format.

You have to prepare and file an NR4 slip to report any taxable payments that you make each year during the exempt period to a beneficiary who is a non-resident of Canada. You are also required to withhold and remit non-resident withholding tax on these payments.

For more information on how to fill out an NR4 information return, see Guide T4061, NR4 – Non-Resident Tax Withholding, Remitting, and Reporting.

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