subject: How to get gambling tax refund for Canadians [print this page] How to get gambling tax refund for Canadians
It would be nice to visit Las Vegas, party, and gamble to your heart's content and win lots and lots of money that you can take home back to Canada. But when the dust settles, it would be hard coming from a country where gambling is not taxable to know that Canadians winning in Las Vegas are subject to 30 percent withholding tax according to IRS. The policy however, does not only hit Canadians winning in the U.S., all other foreign nationals are also liable to abide by this U.S. policy. No matter how harsh it could be but that is the U.S. policy. So Canadians winning in Las Vegas like you can do nothing but put up with this. Nevertheless, you can stage a protest against the U.S. government about this withholding tax policy or simply file a gambling tax refund so you can recover the winning percentage deducted on you.
Filing for a gambling tax refund and going through the process is easy. You can make it easier and faster if you entrust the processing and facilitation of Canadians winning in Las Vegas like you to a company that specializes in gambling tax refund. The process is easy. All you need to do is contact someone in Casino Tax Rebate so they can help you obtain a U.S. Individual Taxpayer Identification Number or ITIN, which normally takes six to eight weeks. If you already have the number, Casino Tax Rebate can start processing your gambling tax refund. The entire process can last within 12 to 18 weeks but it can be reduced to 8 weeks if you already have an ITIN.
For Canadians winning in Las Vegas to be eligible to file for tax refund out of gambling, he needs to fill out form 1042-S, which contains the gambling winning and losses records so that Canadians can offset their looses against the winnings. This would then be the basis for the amount refundable to you. This form is based on the USA-Canada Tax Treaty that allows international visitors like Canadians to refund their gambling tax from the U.S. government as long as the claimants comply with what is being asked from them such as form 1042-S. If you intend to visit the U.S. and play casino in this country, you should keep a record of all your gambling activities including the receipts, wagering tickets, winnings, losses, the date when you gambled, the establishment, and the people who were with you during the gambling activity. This is because should you ever win a sizable amount in one of your gambling activities, such documents would be needed for your gambling tax refund.
It is highly recommended for Canadians winning in Las Vegas like you to get a Certifying Acceptance Agent for you to have a speedy and efficient facilitation of your gambling tax refund. You have to until December 31st of the year since the U.S. government starts their tax recovery process at this period and the gambling loses and winnings are reported annually.
