Comments on: Check Your Withholding Tax

By: Rod

Rod — Fri, 31 Dec 2010 21:05:39 +0000

I’m a Canadian and recently sold my US stock through a US broker. When the cheque and the transaction detail, there are 28% of the proceed has been withheld (TAX WITHHELD). Is there anything this withheld tax can be claimed back? and/or, is there any credit can be claimed when filing the personal tax return and how if yes?
Thank you.

By: Tony

Tony — Sat, 10 Apr 2010 06:27:16 +0000

Another thing about Questrade, I think they have trouble with their business, right now they are so desperately trying to push their customers to crank up trading volume. They send emails to their customers encourage them to participate a course provided by Online Trading Academy which is affiliated to Questrade and promise that they will reimburse tuition. I went to one of their seminars, and found out how Questrade reimburse is actually by giving you a 10% discount on commission of each trade, basically 1 dollar each trade. I did some simple calculations, to get that 5K tuition back, I will have to make 5 thousand trades, and spend 45K on commission. No, thanks.

By: Tony

Tony — Sat, 10 Apr 2010 06:12:25 +0000

I had EXACTLY the same issue! Talk to 2 of their reps in the chatting room, got 2 different stories, the 2nd rep told me that is just way it is, and if you don’t believe it, contact CRA to verify. I did call CRA, and I was confirmed that I should not be taxed within RRSP account what so ever. I wouldn’t even bother getting my money back, will switch to Virtual Brokers, they provide cheaper commissions (6.45), free Level II screen, most importantly, more knowledgable staffs (met a few at Money Show in Vancouver)

By: Andrea

Andrea — Thu, 25 Feb 2010 05:28:31 +0000

Nick,
I am also having problems with the CCA and rental income using net file. It seems like there is a problem with the input for “to whom the CCA should be allocated”. In the help, it indicates that yourself alone is one of the options, but in the pull downs for the tab, its not an option. The only options are business level, partner level, or use of home for business purposes.
I’d love to hear if anyone who has a sole owned rental property has been able to successfully claim CCA deduction using u-file.
I’m definitely showing a positive rental income in my results so there should be room to claim some CCA.

By: terry tanton

terry tanton — Sun, 22 Feb 2009 19:19:01 +0000

BTW, I have sent in a W8BEN form for every account I opened, and it has been specifically recommended that I do so at every brokerage except questrade. I found the form and sent it in anyways figuring I would rather be safe than sorry.

By: terry tanton

terry tanton — Sun, 22 Feb 2009 19:15:04 +0000

KS, sometimes some companies will swallow their competitors fees in order to get your business. Tradefreedom did this. The big banks are less likely to, and Tradefreedom may not now that it is owned by Scotia Bank. But it never hurts to ask. It might be worth it for them if you have large accounts.

Good luck

By: KS

KS — Sat, 31 Jan 2009 18:38:49 +0000

Hi,

Unfortunatley, I moved all my five accounts with Questrade last summer. I regret it so much as it has been a nightmare. I am not going to see naything else about Questrade as there is enough said about them on this and other website.

I am not sure how can I transfer to another financial institution with the least cost. I think Questrade charges $125 per account so that will be $625 for me. Any idea on how to avoid or reduce this. As well, I am holding several ETF’s in each account. Do I need to sell all of them with Questrade and then then buy each one of them in the other financial institution?
As well, if anyone transferred accounts from Questrade, please let me know what else to watch for.
thank you very much for your advise and insights.

By: marta paz

marta paz — Fri, 21 Nov 2008 16:42:28 +0000

How can a foreing customer could claim the backwithholding
interest amount hold thru this year, he just signed his w8ben .
and he wants his interest withholding back . as far I know we the banks send in to irs every month.

By: Tax Implications of Foreign Dividend Investing

Tax Implications of Foreign Dividend Investing — Tue, 13 May 2008 11:15:46 +0000

[...] account, you will be subject to a 15% withholding tax on dividends (for Canadian residents; Check with your broker that you are correctly classified.). You will be paying your marginal tax rate on dividend income because it does not qualify for [...]

By: tax return

tax return — Thu, 10 Jan 2008 05:25:19 +0000

In the United States Tax Returns are filed with the Internal Revenue Services or with the state or local tax collection agency containing information used to calculate income tax or other taxes. Tax returns are generally prepared using forms prescribed by the IRS or other applicable taxing authority.