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Video instructions and help with filling out and completing foreign withholding form
Global diversification is universally accepted as beneficial to investors but forward withholding tax is a tricky little detail that can eat into your investment returns when a foreign company pays a dividend to a Canadian investor the company's home country will often impose a tax on the dividend the amount of tax withheld by the foreign government depends on the arrangement between the two countries for example the US government keeps 15% of any dividend paid by a US company to a Canadian resident investor these taxes are withheld before the dividend is received in your investment account so it's easy to miss for withholding tax can have a significant negative impact on returns if it is not managed properly in many cases the impact can be greater than the management expense ratio on most ETFs I'm Ben Felix associate portfolio manager at PWL capital in this episode of common sense investing I'm going to tell you about form of holding tax Music the amount of damage that foreign withholding tax will do Tia returns depends on the structure of the vehicle that you are using to invest and the type of account that the vehicle is owned in in the world of ETFs there are three main structures that a Canadian investor will see a u.s. listed ETF a Canadian listed ETF that gets its exposure to the market by holding US listed etf or a Canadian listed ETF that gets its exposure to the market by holding stocks directly depending on how the ETF is structured you may be subject to two levels of withholding tax in their 2021 white paper titled Form withholding taxes my PWL colleagues Justin bender and Dan Burton Lahti explained it this way you can think of level one form of holding tax like a departure tax that you pay when taking a flight to Canada from any foreign country level two withholding tax is tax that you pay to the US government when an overseas flight has a layover in the US level one withholding tax is the tax levied by any foreign country including the US on dividends paid to a Canadian investor level two withholding tax is an additional 15 percent withheld by the US government on dividends paid to a Canadian investor by a Canadian listed ETF that owns a u.s. listed ETF taxes are first withheld when the dividend is paid from a foreign company to the u.s. listed ETF and then again when the u.s. listed ETF passes that dividend on to a Canadian investor the type of account matters for a few reasons first US securities held in an RRSP or other retirement account like a riff or lira do not have any tax withheld by the US on dividends this is part of the Canada u.s. tax treaty based on this a u.s. listed ETF of US stocks will not have any tax withheld on dividends paid in an RSP the same special treatment.
FAQ
Does a foreign company need to have a US tax ID?
This is a really old question, but the other answers are terrible, so I want to set the record straight.Based on the facts in your answer, your BVI company will NOT be subject to US tax because it does not engage in a trade or business in the United States. Simply selling something to US residents or having a US bank account is NOT enough to require a non-US company to pay US federal income tax.Here’s how to accomplish your goals here:Form a US LLC with your BVI company as the sole member,Get an EIN for that LLC, andOpen a bank account in the name of the LLC.Like everything in life, there’s an easy way to do all of the above (which costs a little money) and a cheap way to do it (which costs a lot of your time, headaches, and the potential to do it incorrectly).
As a foreign LLP based in India, which W-8 form should we fill up to avoid withholding tax if we are doing business with US clients/company?
According to some research, depending on your product or services and the type of business sales you are making, then there may be one of either two (2) forms to follow:8ECIor1042 and 1042SBefore you invest, You may need to consult a tax specialist or engage the services of an agent entitled to operate your business activity through contract and investments trusts. Otherwise, the foreign business is required to pay up to 30% as any other taxpayer. The IRS tax payer system is flooded with in and outs of this scenerio and should be followed to the narrowist term.
How does taxation work for ADRs‡ dividends?
There is tax due in the country of origin. Each country has its own tax rate and requirement for withholding. The amount credited to your account is ((foreign dividend - taxes), then converted to USD).At the end of the year, the 1099 from your broker will contain an amount for “Foreign Taxes Paid”. You can claim that as a tax credit on your Form 1040. If over a certain amount, you may have to fill out Form 1116 as well. In the link below, see instructions for Line 48, Foreign Tax Credit.https://www.irs.gov/pub/irs-pdf/...
I want to invest my IRS withholdings. How do I fill out a W-4 so my employer does not do federal withholding?
Legally you can’t. Those withholdings are not yours. They are payments towards your tax liability, made at the time that you earn the income. Pay as you go. It makes sense.So what you want to do is borrow money that isn’t really yours, interest free, invest it for a few months, and then pay it back the next year. Is that correct? While it’s not really permitted you can manage to get away with it. You can’t easily get away with stopping all withholding. That requires stating that you expect to pay zero taxes for the year, which you know is false. It looks suspicious and is easy for the feds to check. Instead, what you can do is reduce your withholding by claiming a large number of exemptions. That’s not nearly as suspicious. When you complete your return you’ll owe a lot of tax, which is clearly against the rules, but you’ll probably get away with it at least for a year or two and maybe longer depending on how lax the IRS is in enforcing the law on scamsters like yourself.I used to claim a large number of exemptions. It was legitimate since I actually had a lot of deductions at that time. But a couple of years I accidentally withheld too little money, more than a couple of thousand dollars. I paid the tax with my return and adjusted my withholding going forward and the IRS didn’t penalize me or question it afterwards. But if you’re talking about under withholding by a lot more than that and year after year then good luck. You might get caught, forced to pay a penalty and interest, and be flagged for special attention in the future.
Do military members have to pay any fee for leave or fiancee forms?
NOOOOOOO. You are talking to a military romance scammer. I received an email from the US Army that directly answers your question that is pasted below please keep reading.I believe you are the victim of a military Romance Scam whereas the person you are talking to is a foreign national posing as an American Soldier claiming to be stationed overseas on a peacekeeping mission. That's the key to the scam they always claim to be on a peacekeeping mission.Part of their scam is saying that they have no access to their money that their mission is highly dangerous.If your boyfriend girlfriend/future husband/wife is asking you to do the following or has exhibited this behavior, it is a most likely a scam:Moves to private messaging site immediately after meeting you on Facebook or SnapChat or Instagram or some dating or social media site. Often times they delete the site you met them on right after they asked you to move to a more private messaging siteProfesses love to you very quickly & seems to quote poems and song lyrics along with using their own sort of broken language, as they profess their love and devotion quickly. They also showed concern for your health and love for your family.Promises marriage as soon as he/she gets to state for leave that they asked you to pay for.They Requests money (wire transfers) and Amazon, iTune ,Verizon, etc gift cards, for medicine, religious practices, and leaves to come home, internet access, complete job assignments, help sick friend, get him out of trouble, or anything that sounds fishy.The military does prall the soldier needs including food medical Care and transportation for leave. Trust me, I lived it, you are probably being scammed. I am just trying to show you examples that you are most likely being connned.Below is an email response I received after I sent an inquiry to the US government when I discovered I was scammed. I received this wonderful response back with lots of useful links on how to find and report your scammer. And how to learn more about Romance Scams.Right now you can also copy the picture he gave you and do a google image search and you will hopefully see the pictures of the real person he is impersonating. this doesn't always work and take some digging. if you find the real person you can direct message them and alert them that their image is being used for scamming.Good Luck to you and I'm sorry this may be happening to you. please continue reading the government response I received below it's very informative. You have contacted an email that is monitored by the U.S. Army Criminal Investigation Command. Unfortunately, this is a common concern. We assure you there is never any reason to send money to anyone claiming to be a Soldier online. If you have only spoken with this person online, it is likely they are not a U.S. Soldier at all. If this is a suspected imposter social media profile, we urge you to report it to that platform as soon as possible. Please continue reading for more resources and answers to other frequently asked questions: How to report an imposter Facebook profile: Caution-https://www.facebook.com/help/16... Caution-https://www.facebook.com/help/16... Answers to frequently asked questions: - Soldiers and their loved ones are not charged money so that the Soldier can go on leave. - Soldiers are not charged money for secure communications or leave. - Soldiers do not need permission to get married. - Soldiers emails are in this format: john.doe.mil@mail.mil Caution-mailto: john.doe.mil@mail.mil anything ending in .us or .com is not an official email account. - Soldiers have medical insurance, which pays for their medical costs when treated at civilian health care facilities worldwide ‡ family and friends do not need to pay their medical expenses. - Military aircraft are not used to transport Privately Owned Vehicles. - Army financial offices are not used to help Soldiers buy or sell items of any kind. - Soldiers deployed to Combat Zones do not need to solicit money from the public to feed or house themselves or their troops. - Deployed Soldiers do not find large unclaimed sums of money and need your help to get that money out of the country. Anyone who tells you one of the above-listed conditions/circumstances is true is likely posing as a Soldier and trying to steal money from you. We would urge you to immediately cease all contact with this individual. For more information on avoiding online scams and to report this crime, please see the following sites and articles: This article may help clarify some of the tricks social media scammers try to use to take advantage of people: Caution-https://www.army.mil/article/61432/ Caution-https://www.army.mil/article/61432/ CID advises vigilance against 'romance scams,' scammers impersonating Soldiers Caution-https://www.army.mil/article/180749 Caution-https://www.army.mil/article/180749 FBI Internet Crime Complaint Center: Caution-http://www.ic3.gov/default.aspx Caution-http://www.ic3.gov/default.aspx U.S. Army investigators warn public against romance scams: Caution-https://www.army.mil/article/130... Caution-https://www.army.mil/article/130... DOD warns troops, families to be cybercrime smart -Caution-http://www.army.mil/article/1450... Caution-http://www.army.mil/article/1450... Use caution with social networking Caution-https://www.army.mil/article/146... Caution-https://www.army.mil/article/146... Please see our frequently asked questions section under scams and legal issues. Caution-http://www.army.mil/faq/ Caution-http://www.army.mil/faq/ or visit Caution-http://www.cid.army.mil/ Caution-http://www.cid.army.mil/ . The challenge with most scams is determining if an individual is a legitimate member of the US Army. Based on the Privacy Act of 1974, we cannot prthis information. If concerned about a scam you may contact the Better Business Bureau (if it involves a solicitation for money), or local law enforcement. If you're involved in a Facebook or dating site scam, you are free to contact us direct, (571) 305-4056. If you have a social security number, you can find information about Soldiers online at Caution-https://www.dmdc.osd.mil/appj/sc... Caution-https://www.dmdc.osd.mil/appj/sc... . While this is a free search, it does not help you locate a retiree, but it can tell you if the Soldier is active duty or not. If more information is needed such as current duty station or location, you can contact the Commander Soldier's Records Data Center (SRDC) by phone or mail and they will help you locate individuals on active duty only, not retirees. There is a fee of $3.50 for businesses to use this service. The check or money order must be made out to the U.S. Treasury. It is not refundable. The address is: Commander Soldier's Records Data Center (SRDC) 8899 East 56th Street Indianapolis, IN 46249-5301 Phone: 1-866-771-6357 In addition, it is not possible to remove social networking site profiles without legitimate proof of identity theft or a scam. If you suspect fraud on this site, take a screenshot of any advances for money or impersonations and report the account on the social networking platform immediately. Please submit all information you have on this incident to Caution-www.ic3.gov Caution-http://www.ic3.gov (FBI website, Internet Criminal Complaint Center), immediately stop contact with the scammer (you are potentially providing them more information which can be used to scam you), and learn how to protect yourself against these scams at Caution-http://www.ftc.gov Caution-http://www.ftc.gov (Federal Trade Commission's website)
How do I fill out the ITR II form in case my MNC gave an awarded share in a foreign German account?
This is better answered by a CA. I can give my experience.There are two factors here. 1. Perquisite - This is the difference between the price of the share at the time of vesting (also called Fair Market Value) and the cost you paid for it (which is mostly zero). This would be taxed as part of the salary in the year of vesting 2. Capital gains - When you sell the shares, capital gains would be calculated on the difference between the selling price and FMV Since no STT would have been paid on the transaction, the stock would be treated as ‘non-equity‡ and corresponding treatment would apply. Currently the tax is your marginal tax rate for holding period 3 years, and 20% with indexation for period 3 years.Also ensure that you list the foreign account in Schedule FA.
How can I fill out Google's intern host matching form to optimize my chances of receiving a match?
I was selected for a summer internship 2016.I tried to be very open while filling the preference form: I choose many products as my favorite products and I said I'm open about the team I want to join.I even was very open in the location and start date to get host matching interviews (I negotiated the start date in the interview until both me and my host were happy.) You could ask your recruiter to review your form (there are very cool and could help you a lot since they have a bigger experience).Do a search on the potential team.Before the interviews, try to find smart question that you are going to ask for the potential host (do a search on the team to find nice and deep questions to impress your host). Prepare well your resume.You are very likely not going to get algorithm/data structure questions like in the first round. It's going to be just some friendly chat if you are lucky. If your potential team is working on something like machine learning, expect that they are going to ask you questions about machine learning, courses related to machine learning you have and relevant experience (projects, internship). Of course you have to study that before the interview. Take as long time as you need if you feel rusty. It takes some time to get ready for the host matching (it's less than the technical interview) but it's worth it of course.