non resident tax withholdings on stock in RRSP. - Call

Sent: Tuesday, October 04, 2005 11:29 AM
To: taxman at
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
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
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in Canada until it is withdrawn.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
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?
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
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.
Answers to this and other similar  questions can be obtained free
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Every Sunday at 9:00 AM on 600AM in Vancouver, I, david ingram am
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