I'm a Canadian citizen and resident and am thinking of buying some shares of US companies through RBC Securities (companies like Google, Microsoft, McDonalds, etc.) If I do, would I have to file a US non-res tax return for the years I own these stocks? Or do the companies withold taxes and does that make filing a return unnecessary?
I did searches on foreign stocks and saw that capital gains aren't taxable in US for non-residents. But I didn't see anything about dividends on US shares owned via a Canadian broker. Thanks for any help.
Canadian buying US stocks
Moderator: Mark T Serbinski CA CPA
1000's of Cdns own US stocks thru their Cdn broker. Any US dividends have tax witheld automatically at a flat rate and they use this tax as a credit on their Cdn return. No US return needed.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best