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.

For more information, see Guide RC4157, Deducting Income Tax on Pension and Other Income, and Filing the T4A Slip and Summary.

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.

Forms and publications

• Guide RC4157, Deducting Income Tax on Pension and Other Income, and Filing the T4A Slip and Summary
• Guide T4061, NR4 – Non-Resident Tax Withholding, Remitting, and Reporting
• T4A, Statement of Pension, Retirement, Annuity and Other Income
• NR4, Statement of Amounts Paid or Credited to Non-Residents of Canada