Hi,
We are canadian citizens presently working in U.S on TN/L1 visa's.
We left behind two rrsp accounts when we moved down in 2005. Fidelity Canada has notified us that since our account has a U.S jurisdiction, they are required to have a W8-BEN or W9 on file.
They seem to think we should be using W8-BEN, but I don't think that is correct since we are resident alien's for tax purposes in the U.S.
It doesn't make sense to me to be filling in a W8-BEN but entering a U.S address on the form.
Should we just use the W8-BEN and put a canadian address on there or should we be using W9?
I don't want them to do anything strange with our RRSP acounts, which I have been reporting correctly to IRS since moving down.
W8-BEN or W9? Very confused
Moderator: Mark T Serbinski CA CPA
As I understand it, the W8-BEN and W9 both serve essentially the same purpose -- to reduce the withholding tax on U.S. securities. I'm pretty sure the W8-BEN reduces the tax on US securities to treaty levels (e.g. 15% on US dividends vs. 30% default rate).
Do the W8-BEN (for Canadian residents) and W9 (for US citizens and/or residents) accomplish the exact same reduction in withholding rates (e.g. 15%) or does the W9 eliminate withholding entirely (since those filers are required to file a 1040 anways)?
Thank you.
Do the W8-BEN (for Canadian residents) and W9 (for US citizens and/or residents) accomplish the exact same reduction in withholding rates (e.g. 15%) or does the W9 eliminate withholding entirely (since those filers are required to file a 1040 anways)?
Thank you.