Dual Citizen, Canadian brokerage issue 2 sets of tax slips..

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dualblues
Posts: 28
Joined: Tue Mar 16, 2021 1:50 am

Dual Citizen, Canadian brokerage issue 2 sets of tax slips..

Post by dualblues »

Thanks for your consideration.

Background:

Dual citizen returning to Canada. For my non-registered brokerage needs, I currently use Interactive Brokerage and Vanguard. My plan was to use Interactive Brokerage Canada when I return. Their fees are cheap and provide cheap currency exchange.

I read in "America In Canada" that some Canadian brokerages will issue 2 sets of tax slips (T5 and 1099) if your account is labelled as a "US Account".

US citizens shouldn't have withholding imposed on American sourced income since it is taxable on 1040. However, it is my understanding that most Canadian brokerages still with-hold (as though you were not a US person).

Question:

Is there a discount brokerage in Canada that gets these things right? (Provides 2 sets of tax slips and is well versed in with-holding for US persons)? Recommendations for similar experience to that of major US brokers.

Thanks!
readmylips_nonewtaxs
Posts: 3
Joined: Thu May 20, 2021 7:51 am

Re: Dual Citizen, Canadian brokerage issue 2 sets of tax slips..

Post by readmylips_nonewtaxs »

I called around about this same issue and apparently Qtrade Investor doesn't have any withholdings when they have a W-9 on file for US citizens. I was also told that there no with holdings for their TFSA and that they issue 1099's for the TFSA. I have not verified this, but this is what they told me on the telephone.
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