Q: I have received below email from Scotiaitrade since I have EPD shares in my RRSP account. My understanding was that in registered accounts I don't have to file a US tax return for PTPs disposition or distributions. I called Scotiaitrade and they did not provide any additional details for registered accounts and asked me to apply for US Tax Identification Number and consult my accountant for filing US tax return. Any details you may have would be appreciated.
In December 2022, Scotia iTRADE sent you an email advising of industry-wide changes that came into effect on January 1, 2023 and that impact your previous and/or current holdings of certain publicly traded partnership units (PTPs).
As part of these changes, a 10% withholding tax may be applied to certain distributions in addition to the usual 37% withholding tax on U.S. business income for non-U.S. persons. In the event of a disposition or transfer of the impacted PTPs a 10% withholding tax will also be applied to the gross proceeds in addition to the withholding tax on distributions.
Since you hold or have held impacted PTPs after January 1st, 2023, you must obtain a U.S. Tax Identification Number (TIN) and provide it to Scotia iTRADE by August 1, 2023. Scotia iTRADE is required to provide the Internal Revenue Service (IRS) with your name and address as part of our obligation to report beneficial ownership of impacted PTPs and thereby assist the IRS with reconciliation of US tax filings on an annual basis.
We ask that you apply for a U.S. TIN as soon as possible and call Customer Service at 1 -888-872-3388, Monday to Friday, 8 a.m. to 8 p.m. ET, to provide this information once you have received it.
If you have already obtained a U.S. TIN from the IRS though have not yet provided it to Scotia iTRADE, then please call Customer Service by August 1, 2023.
For help with requesting a U.S. TIN please refer to the following IRS website which outlines the application process: https://www.irs.gov/individuals/international-taxpayers/taxpayer-identification-numbers-tin and speak with your accountant and/or tax advisor should you have further questions.
Scotia iTRADE does not provide tax advice. If you have questions about the tax implications related to the PTPs held in your account, please consult with a tax advisor. If you have any questions about the transactions associated with the PTPs held in your account, please contact Customer Service at 1 -888-872-3388, Monday to Friday, 8 a.m. to 8 p.m. ET.
In December 2022, Scotia iTRADE sent you an email advising of industry-wide changes that came into effect on January 1, 2023 and that impact your previous and/or current holdings of certain publicly traded partnership units (PTPs).
As part of these changes, a 10% withholding tax may be applied to certain distributions in addition to the usual 37% withholding tax on U.S. business income for non-U.S. persons. In the event of a disposition or transfer of the impacted PTPs a 10% withholding tax will also be applied to the gross proceeds in addition to the withholding tax on distributions.
Since you hold or have held impacted PTPs after January 1st, 2023, you must obtain a U.S. Tax Identification Number (TIN) and provide it to Scotia iTRADE by August 1, 2023. Scotia iTRADE is required to provide the Internal Revenue Service (IRS) with your name and address as part of our obligation to report beneficial ownership of impacted PTPs and thereby assist the IRS with reconciliation of US tax filings on an annual basis.
We ask that you apply for a U.S. TIN as soon as possible and call Customer Service at 1 -888-872-3388, Monday to Friday, 8 a.m. to 8 p.m. ET, to provide this information once you have received it.
If you have already obtained a U.S. TIN from the IRS though have not yet provided it to Scotia iTRADE, then please call Customer Service by August 1, 2023.
For help with requesting a U.S. TIN please refer to the following IRS website which outlines the application process: https://www.irs.gov/individuals/international-taxpayers/taxpayer-identification-numbers-tin and speak with your accountant and/or tax advisor should you have further questions.
Scotia iTRADE does not provide tax advice. If you have questions about the tax implications related to the PTPs held in your account, please consult with a tax advisor. If you have any questions about the transactions associated with the PTPs held in your account, please contact Customer Service at 1 -888-872-3388, Monday to Friday, 8 a.m. to 8 p.m. ET.
