Canada recently released an updated version of their Form T4A, Statement of Pension, Retirement, Annuity, and Other Income, along with a guide for filling out and submitting Form T4A, Publication RC4157. Form T4A is used by payers to report payments from pensions, annuities, and other similarly situated payment types to the Canadian Revenue Agency.
The T4A form itself remains largely unchanged from the previous version released in 2015. The instructions on page 2 of the form included one minor edit:
- The instructions for Box 26 (Eligible retiring allowances for 2009 and prior years only) and Box 27 (Non-eligible retiring allowance for 2009 and prior years only) were removed from the 2017 version of this form.
- This omission reflects a change in reporting rules, and these types of allowance amounts are reported on the T4 Slip.
- Amended or late T4A filings allow reporting of this kind of allowance income on the T4A slip, paid in 2009 and previous years.
- Box/Code 129 (Tax Deferred Cooperative Share) was separated out from the instructions for Line 130, adding instruction and references.
- These amounts can be deferred;
- More information can be found on Line 9605 in Guide T4002, Self-Employed Business Professional, Commission, Farming and Fishing Income.
Similarly, there were minor changes to the Publication RC4157 that correspond to the changes in the form’s instructions.
About the Author
Paul Ogawa is a Junior Regulatory Counsel at Sovos Compliance. As part of the Regulatory Analysis team, his main areas of focus are state and federal tax withholding, the Affordable Care Act (ACA), and Canadian tax information reporting. Prior to Sovos, Paul worked as a litigation attorney in Boston area law firms, representing clients in insurance subrogation claims, family law matters, and employment disputes. Paul is a member of the Massachusetts Bar, earned his B.A. from Brandeis University and his J.D. from the Suffolk University Law School.More Content by Paul Ogawa