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Hello,
I am a Non resident of Canada. Living in USA since 2015. I got 250$ T5 from Chase bank USA due to I am Canadian citizen but working in USA and living in USA. I also got 1099-R interest income for same amount. Do I have to file tax in Canada? I talked to Chase bank , they said regardless of resident or Non resident of Canada. As per CRA rule change, USA bank will issue T5 because Canadian citizen.
Dear Harnish,
Thank you for your message.
As a non-resident of Canada living and working in the United States since 2015, you are generally not required to file a Canadian tax return for U.S. interest income—regardless of whether you received a T5 slip. The $250 interest reported by Chase Bank is U.S.-source income, and it is correctly reported to the IRS on your 1099-INT or 1099-R form.
While Chase may have issued a T5 as a precaution due to your Canadian citizenship, Canadian tax obligations are based on residency status, not citizenship. Since you are a non-resident and the income is from a U.S. financial institution, it is not taxable in Canada and does not need to be reported to the Canada Revenue Agency (CRA).
In summary:
- You do not need to file a Canadian tax return for this income.
- Keep both the T5 and 1099-R slips for your records.
- There is no requirement to report this to CRA as a non-resident receiving U.S.-source interest income.