Skip Header Navigation

Text size: NormalLargeExtra Large

Frequently Asked Questions

About U.S. Tax Reporting

Why does my Summary of 1099 Investment Income have “(?)” listed beside the distribution amount?

The “(?)” appears next to distributions on Canadian Income Trust Units and indicates that you may receive an amended Summary of 1099 Investment Income. We are required by the Internal Revenue Service to issue this information to you by the end of January, however Canadian Income Trust Issuers have until the end of February to report changes to their distributions which may result in amendments to your tax information. We apologize for any inconvenience experienced by our American clients, as we accommodate taxation and disclosure deadlines for both countries. We strongly advise you to wait until you’ve received all your tax slips before filing your tax return.

 

I don’t file a tax return with the IRS. What do I do with my 1042-S?

If you are a Non-U.S. citizen, Canadian resident and a beneficiary of a trust, partnership, estate, etc., you may receive an IRS form 1042-S. If you do not file a return to the IRS, this form is for information purposes only. If you do file a return to the IRS, this form is required for total income and tax paid.

 

How do I file my U.S. tax slips and Canadian tax slips?

Due to the complexity of filing tax returns in both Canada and the U.S., we strongly recommend that you discuss your tax filing with a qualified tax advisor knowledgeable in both U.S. and Canadian tax issues. It is important to ensure that 1) all taxable income is properly reported on the appropriate tax returns, 2) income is not double reported on any one of the tax returns and 3) appropriate foreign tax credits are claimed to eliminate the potential of double taxation. Please contact your Investment Advisor if you need a referral to a qualified tax advisor.

 

The information contained herein has been obtained from sources believed to be reliable at the time obtained but neither RBC Dominion Securities Inc. nor its employees, agents, or information suppliers can guarantee its accuracy or completeness. This information is furnished on the basis and understanding that neither RBC Dominion Securities Inc. nor its employees, agents, or information suppliers is to be under any responsibility or liability whatsoever in respect thereof. This information is not intended as nor does it constitute tax or legal advice. Clients should consult their own accountant or other professional advisor for more detailed tax related information. RBC Dominion Securities Inc.* and Royal Bank of Canada are separate corporate entities which are affiliated. *Member-Canadian Investor Protection Fund. ®Registered trademark of Royal Bank of Canada. Used under licence. RBC Dominion Securities is a registered trademark of Royal Bank of Canada. Used under licence. ©Copyright 2017. All rights reserved.