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Frequently Asked Questions

About Foreign Citizenship or Foreign Residency

I’m an American citizen living in Canada. What tax slips will I receive?

If you earned Canadian source income, you will receive an NR4 which you can file with your tax return to the Canada Revenue Agency.

If you are an individual who earned U.S. source income, you may receive one or more of the following tax slips which you need to file with your tax return to the Internal Revenue Service: 1099-INT, 1099-DIV, 1099-B.

If you are a beneficiary of a trust, partnership, or estate which earned U.S. source income, you may receive a 1042-S which you need to file with your tax return to the Internal Revenue Service.

 

I’m neither a Canadian nor American citizen, but I’m living in Canada. What tax slips will I receive for my Canadian source income?

If you earned Canadian source income, you will receive an NR4 which you can file with your tax return to the Canada Revenue Agency.

 

I’m neither a Canadian nor American citizen, but I’m living in Canada. What tax slips will I receive for my U.S. source income?

If you are an individual who earned U.S. source income, you may receive one or more of the following tax slips which you need to file with your tax return to the Internal Revenue Service: 1099-INT, 1099-DIV, 1099-B. If you do not file a return to the IRS, these slips are for information purposes only.

If you are a beneficiary of a trust, partnership, or estate which earned U.S. source income, you may receive a 1042-S. If you do not file a return to the IRS, this slip is for information purposes only.

 

I’m a Canadian citizen living outside of Canada right now. Should I receive a T5 or an NR4?

Non-residents of Canada cannot file a T5 with the Canada Revenue Agency. You should have received an NR4. If you did not receive an NR4, please contact your Investment Advisor.

 

I am a Canadian citizen and recently returned to Canada as a permanent resident. Should I receive a T5 or an NR4?

If you did not update your residency status with your Investment Advisor, you may still receive an NR4 slip that shows that non-resident tax was withheld by RBC Dominion Securities. The Canada Revenue Agency does not accept amendments or deletions to an NR4 once it has been issued, therefore you must file your NR4 with your T1 form to claim the tax credit.

 

I am a Canadian living in the U.S. Why do I need to give RBC Dominion Securities a Form W-9?

The Internal Revenue Service issues Individual Taxpayer Identification Numbers (ITIN) to foreign nationals and others who have federal tax reporting or filing requirements and do not qualify for Social Security Numbers (SSN). An ITIN is required to file a U.S. tax return only to claim a refund of tax under the provisions of a U.S. tax treaty. You need to submit a Form W-9 to RBC Dominion Securities to show your ITIN if you are:

  • Non-resident alien filing a U.S. tax return and not eligible for a SSN.
  • U.S. resident alien (based on days present in the United States) filing a U.S. tax return and not eligible for a SSN.
  • Dependent or spouse of a U.S. citizen or resident alien.
  • Dependent or spouse of a non-resident alien visa holder.

If you have not submitted a Form W-9 to RBC Dominion Securities, we are required to withhold taxes at a rate of 30% instead of a reduced tax treaty rate of approximately 15%.

 

I’m a Canadian resident with a joint account with my daughter, who is a Swiss resident, of which I am the applicant and she is the co-applicant. Why am I receiving an NR4 tax slip for my Canadian sourced income?

Joint Accounts with a non-resident as a member of the account will be subject to CRA Non-Resident Taxation irrespective of whether the non-resident member is an Applicant or Co-applicant. The account as a whole will now be subject to non-resident tax based on the treaty rules and associated rates for the highest non-resident member.

 

The information contained herein has been obtained from sources believed to be reliable at the time obtained but neither RBC Dominion Securities Inc. nor its employees, agents, or information suppliers can guarantee its accuracy or completeness. This information is furnished on the basis and understanding that neither RBC Dominion Securities Inc. nor its employees, agents, or information suppliers is to be under any responsibility or liability whatsoever in respect thereof. This information is not intended as nor does it constitute tax or legal advice. Clients should consult their own accountant or other professional advisor for more detailed tax related information. RBC Dominion Securities Inc.* and Royal Bank of Canada are separate corporate entities which are affiliated. *Member-Canadian Investor Protection Fund. ®Registered trademark of Royal Bank of Canada. Used under licence. RBC Dominion Securities is a registered trademark of Royal Bank of Canada. Used under licence. ©Copyright 2017. All rights reserved.