Yes. Canadian NR4 income, such as Canada Pension Plan (CPP) or Old Age Security (OAS) benefits, is treated similarly to US Social Security benefits for tax purposes under the U.S.-Canada tax treaty. This means that if you're a U.S. resident, you would report these benefits as though they were received under US Social Security legislation. To report:
- Go to Income or Wages and Income
- Retirement Plans and Social Security
- Social Security (SSA 1099...)
- Payments you received during 2024 in Box 5 in US dollars
You would enter the same amount on Form 1116 as the Gross Income Amount. This amount isn't copied over to your 1040 though, so the income won't be taxed twice.
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