The Canada Revenue Agency (CRA) recently released the 2024 NR4 Publication (T4061 Non-Resident Tax Withholding, Remitting, and Reporting). There are several changes of note. When using income code 75 or 76 for First Home Savings Account (FHSA) payments to a beneficiary, report the deceased holder FHSA contract number in the payer or agent identification number field. Additionally, two new income codes, 67 and 68, have been added for reporting interest coupon stripping arrangements (ICSA). Income Code 86 (One-time payment for older seniors) has been removed from the form.
A section about the new requirement to report the fair market value (FMV) amount of Registered Retirement Savings Plan (RRSP) and Registered Retirement Income Fund (RRIF) has been added to the guide. The NR4 should not be used to report this information for non-residents. See Pub. T4079 for more information. A section about non-residents and FHSAs has also been added to the guide. Taxpayers should also note that electronic filing will be available beginning January 13, 2025. A new phone number has been added for taxpayers using a Video Relay Service: 1 (800) 561-6393.
The 2024 NR4 Publication can be found here.
