Canadian Tax Witholding on US IRA accounts Informative - Tax Fraud Alert
TAMPA BAY, FLORIDA -- There is a Blockbuster fraud and negligence coverup in the financial industry concerning Canadian Withholding in US retirement accounts.
Canadian Dividends are exempt from taxation in US IRA accounts, yet American custodians have negligently instructed depositories to withhold millions on these exempt investments for the past 20 years.
Why?? Some brokerage firms (custodians) were ignorant of the tax treaty provisions that changed the rules in the early 1980's and some didn't want the additional expense burden of segregating non-taxable (retirement) vs. taxable (retail) shares and the additional administrative costs.
Bottom Line: Millions have been wrongfully taken from US retirement accounts and sent to Canada for the past 20 plus years. The drain to the US economy has to be approaching hundreds of millions of dollars.
I worked for a florida brokerage house that negligently withheld funds for over 20 years and covered up their error.
As a senior support accountant to their retirement administration, I tried to work within the system to fix the problem and recover as much needless tax as possible. I was forced to resign for my efforts.
I filed a complaint with the SEC in Jan 2003 hoping they would champion the cause to get retirement funds back to their owners - nothing happened. Not even a call to inquire.
Please contact me if you have been affected. I have information that will help you recover those funds.
6865 14th Way S
Saint Petersburg, FL 33705