Sent: Tuesday, October 04, 2005 11:29 AM To: taxman at centa.com Subject: non resident tax withholdings I have an interesting situation, which I have been trying to resolve with no success. Perhaps you can give me an approach to try. I am a Canadian citizen with RRSP and RESP holdings with the Royal Bank and TD Waterhouse. Some of my accounts include stocks, which occasionally pay dividends. These are reinvested. I have noticed that Non Resident tax is withheld on these accounts. Now, I know that this should not be happening, as we have a tax treaty with the US and the income in these accounts is not taxed in Canada until it is withdrawn. Effectively, this is double taxation, as I don’t receive a T5 for the income showing the tax withholding. What to do, what to do? I have enquired, but am being told by TD Waterhouse that it is not their responsibility, the tax was withheld by the agent and they have simply reported it. My position is that they should be notifying these agents that this is a non taxable account. Can you suggest a way to get action? Thanks ============================================ david ingram replies: Move your account! This is a perennial problem which I see with RBC Dominion Securities the most. The problem is that most securities people just do not care and even if they did care it is too much trouble with no immediate cash reward. Of course, losing a big account should be incentive enough but lots of people just cannot be bothered. Now that i have said that, I have to confess that I lost a very good account myself last year where RBC was involved and the RBC rep was extremely professional. I had virtually ignored one client (initials MC) at the time I was going through a divorce and was just not responding myself in time. (A good reason but not really an excuse - i did not recognize that this particularly lady needed more hand holding and I have never been a good hand holder.) However, without a doubt, The best TD Waterhouse person to talk to about a Canadian Account when you live in the USA is Shaun Rickerby at (604) 482-5188. I can tell you that without any hesitation, you should transfer your Waterhouse account to his tender care. His advice from the inside can help you deal with the Royal bank as well. Shaun is one of about 12 Canadian Stockbrokers who has taken the trouble to get himself licenced in most of the relevant US states. He is a truly unique individual who I recommend highly to any US resident with Canadian RRSP accounts and stock holdings. I have been recommending Shaun for four years now and have never had a complaint and likely received a dozen thank you calls. I have never met him, never had a cup of coffee with him and never received a commission, spiff, etc until last Saturday when i used a couple of his BC Lion's tickets to see the Lions play the Saskatchewan Roughriders. It was a good game but in the absolute last minute of the game when the roughriders scored an impossible touchdown, I twisted on the stairs and managed to take a header on those cement hard stadium stairs and can still hardly move -- So thanks Shaun, look after this lady if she calls. On another note, it is amazing to see how Bobby Ackles has changed Vancouver's attitude to the Lion's in three short years. He ha made them a household name again with flags flying from cars, etc. Of course, his son Scott has been a great marketing help as well. . David Answers to this and other similar questions can be obtained free on Air every Sunday morning. Every Sunday at 9:00 AM on 600AM in Vancouver, I, david ingram am a permanent guest on Fred Snyder of Dundee Wealth Managers' LIVE talk show called "ITS YOUR MONEY" Those outside of the Lower Mainland will be able to listen on the internet at www.600AM.com Call (604) 280-0600 to have your question answered. BC listeners can also call 1-866-778-0600. Callers to the show and questioners on this board can also attend the Thursday Night seminars on finance and making your Canadian Mortgage Interest deductible. ask international income tax expert preparation & immigration consultant david ingram, North Vancouver, BC, Canada experts on RRSP RESP IRA 401(K) radio CKBD 600AM 9 AM Sunday mornings on Fred Snyder's IT's YOUR MONEY New York, Boston, Sacramento, Minneapolis, Salem, Wheeling, Philadelphia, Pittsburgh, Atlanta, Pensacola, Miami, St Petersburg, Naples, Fort Myers, Cape Coral, Orlando, Atlanta, Arlington, Washington, Hudson, Green Bay, Minot, Portland, Seattle, St John, St John's, Fredericton, Quebec, Moncton, Truro, Atlanta, Charleston, San Francisco, Los Angeles, San Diego, Sacramento, Taos, Grand Canyon, Reno, Las Vegas, Phoenix, Sun City, Tulsa, Monteray, Carmel, Morgantown, Bemidji, Sandpointe, Pocatello, Bellingham, Custer, Grand Forks, Lead, Rapid City, Mitchell, Kansas City, Lawrence, Houston, Albany, Framingham, Cambridge, London, Paris, Prince George, Prince Rupert, Whitehorse, Anchorage, Fairbanks, Frankfurt, The Hague, Lisbon, Madrid, Atlanta, Myrtle Beach, Key West, Cape Coral, Fort Meyers, Berlin, Warsaw, Auckland, Wellington, Honolulu, Maui, Kuwait, Molokai, Beijing, Shanghai, Tokyo, Manilla, Kent, Winnipeg, Saskatoon, Regina, Red Deer, Olds, Medicine Hat, Lethbridge, Moose Jaw, Brandon, Portage La Prairie, Davidson, Craik, Edmonton, Calgary, Victoria, Vancouver, Burnaby, Surrey, Edinburgh, Dublin, Belfast, Glasgow, Copenhagen, Oslo, Munich, Sydney, Nanaimo, Brisbane, Melbourne, Darwin, Perth, Athens, Rome, Berne, Zurich, Kyoto, Nanking, Rio De Janeiro, Brasilia, Colombo, Buenos Aries, Squamish, Churchill, Lima, Santiago, Abbotsford, Cologne, Yorkshire, Hope, Penticton, Kelowna, Vernon, Fort MacLeod, Deer Lodge, Springfield, St Louis, Centralia, Bradford, Stratford on Avon, Niagara Falls, Atlin, Fort Nelson, Fort St James, Red Deer, Drumheller, Fortune, Red Bank, Marystown, Cape Spears, Truro, Charlottetown, Summerside, Niagara Falls, Albany STAR WARS Alaska, Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Garland, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon. Pennsylvania, Rhode Island, Rockwall, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, West Virginia, Wisconsin, Wyoming, British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec City, New Brunswick, Prince Edward Island, Nova Scotia, Newfoundland, Yukon and Northwest and Nunavit Territories, Mount Vernon, Eumenclaw, Coos Bay and Dallas Houston Rockwall Garland Texas Taxman and Tax Guru and wizzard wizard - consultant - expert - advisor -advisors consultants - gurus - Paris Prague Moscow Berlin Lima Rio de Janeiro, Santaigo This from "ask an income tax and immigration expert" from www.centa.com or www.jurock.com or www.featureweb.com. David Ingram deals on a daily basis with expatriate tax returns with: multi jurisdictional cross and trans border expatriate problems for the United States, Canada, Mexico, Great Britain, the United Kingdom, Kuwait, Dubai, Saudi Arabia, Thailand, Indonesia, Japan, China, New Zealand, France, Germany, Spain, Italy, Russia, Georgia, Brazil, Peru, Ecuador, Bolivia, Scotland, Ireland, Hawaii, Florida, Montana, Morocco, Israel, Iraq, Iran, India, Pakistan, Afghanistan, Mali, Bangkok, Greenland, Iceland, Cuba, Bahamas, Bermuda, Barbados, St Vincent, Grenada,, Virgin Islands, US, UK, GB, and any of the 43 states with state tax returns, etc. Rockwall, Dallas, San Antonio and Houston Texas Denmark, Finland, Sweden Norway Bulgaria Croatia Income Tax and Immigration Tips, Income Tax and Immigration Wizard Income Tax and Immigration Guru Income Tax and Immigration Consultant Income Tax and Immigration Specialist Section 216(4) 216(1) NR6 NR-6 NR 6 Non-Resident Real Estate tax specialist expert preparer consultant expatriate anti money laundering money seasoning FINTRAC E677 E667 105 106 TDF-90 Reporting $10,000 cross border transactions David Ingram's US/Canada Services US / Canada / Mexico tax, Immigration and working Visa Specialists US / Canada Real Estate Specialists Home office at: 4466 Prospect Road North Vancouver, BC, CANADA, V7N 3L7 Cell (604) 657-8451 - (604) 980-0321 Fax (604) 980-0325 Calls welcomed from 9 AM to 9 PM 7 days a week (please do not fax or phone outside of those hours as this is a home office) email to taxman at centa.com www.centa.com www.david-ingram.com Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included." Be ALERT, the world needs more "lerts" ask international income tax expert preparation & immigration consultant david ingram, North Vancouver, BC, Canada experts on RRSP RESP IRA 401(K) radio CKBD 600AM 9 AM Sunday mornings on Fred Snyder's IT's YOUR MONEY -------------- next part -------------- An HTML attachment was scrubbed... URL: http://www.centa.com/CEN-TAPEDE/centapede/attachments/20051006/4548e84c/attachment.htm
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