Tax Services Toronto | Gambling Winnings U.S | When a Canadian resident obtains lottery and gambling winnings in the U.S., they are automatically subject to a 30% tax withholding. This amount often exceeds your tax obligation and it is advisable to prepare a U.S. Non-Resident Tax Return to claim a refund.

The TST offers tax services and help to businesses in Toronto, Ontario, Canada. Tax Services Toronto 2015

Our professionals specialize in ensuring all your deductions are utilised so you pay the minimum tax allowable. Whether your information is current or in arrears we can help. 

 

 
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Gambling Winnings U.S

When a Canadian resident obtains lottery and gambling winnings in the U.S., they are automatically subject to a 30% tax withholding. This amount often exceeds your tax obligation and it is advisable to prepare a U.S. Non-Resident Tax Return to claim a refund. You will receive a 1042-S for your winnings and tax withholding which will be included on your U.S. Tax Return.

You may also include your gambling losses as a reduction on the gambling winnings that you report. It is very important that you keep a log book of your losses in order to support the claim.

As a non-resident of the U.S., you will have to obtain an ITIN (Individual Tax Identification Number) in order to file a U.S. Tax Return. As certified acceptance agents, we are able to assist you in obtaining the ITIN.

 

 
Tax Services Toronto
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Toronto, ON
M9C 2Y3
Phone: 416.626.2727
Fax: 416.621.7136
E-mail us: taxes@garybooth.com
Web: taxservicestoronto.com
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Tax Services Toronto | Gambling Winnings U.S | When a Canadian resident obtains lottery and gambling winnings in the U.S., they are automatically subject to a 30% tax withholding. This amount often exceeds your tax obligation and it is advisable to prepare a U.S. Non-Resident Tax Return to claim a refund.