Reporting a 1099 in Canada

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crozfader
Posts: 5
Joined: Mon Nov 29, 2010 4:38 pm
Location: CA

Reporting a 1099 in Canada

Post by crozfader »

Hello

I am a dual Canadian/US citizen living in Canada. I sold some stocks with a US broker this year and was issued a 1099-DIV and 1099-B for the stock sale. I'm not sure why I was not provided a T5 as my address with the broker is in Canada. How should I be reporting this income to the CRA? If I understand the tax treaty correctly, I believe that I need to report and pay taxes on capital gains and dividends in Canada first and then to the US?

Any help would be appreciated. Thanks.
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nelsona
Posts: 18680
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

US brokerages don't issue Cdn tax slips. Its up to you to put the correct forms of income on the correct Cdn tax lines, just like you have to put the correct incomes on the correct lines of your 1040 based on the Cdn tax slips you got.

Btw, you do know that a Cdn resident cannot have a US brokerage account? I guess your US brokerage doesn't realize he is violating Cdn securities laws.
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
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