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Is there a way to automate the 15% non-resident withholding tax for US investments?
My portfolio has the field 'dividend received' automatically completed with the TOTAL dividend and the NRWT field empty. Currently, I need to manually recalculate the NET dividend and enter this in 'dividend received' and then complete the NRWT field. Is there a more automated way to do this?
Any way to automate the 15% US non-resident withholding tax ?
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Hi Luk,
We have added the 15% NRWT rate to automate this. Could you please check your US dividends and confirm that the figures are ok.
Thanks.Comment -
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in my portfolio the rate recorded bt Morningstar is 30%. Why?
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1Is this available for Canadian tax base users? I'm having a hard time finding it if it is.
Canadians with US dividend-paying holdings in a non-registered account face that same 15% NRWT; it is considered as foreign tax paid (except in a TFSA, where withholding is applied, but not credited as tax paid - prob outside scope of this question though).
That 15% amount assumes holder has completed a W8-BEN form (usually the case) - otherwise, its a 30% withholding tax.
Either way, would be nice if this could be automated through some setting/configuration, so that when the US dividends come in, the NRWT is applied to the gross dividend amount.
It can be especially painful to go back and manually do this kind of update if you have a monthly paying holding and some history to correct. Some kind of automation here would be helpful. Thanks-
HI Paul,
Thanks for your message! We've now added this option for Canadian based portfolios with US holdings. You'll find your US holdings now show a 15% NRWT and is automatically applied for you.
Let us know if you have any further questions.
Have a lovely day today!
Cheers,
Emma -
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Dividends from my US investments acquired and held by Direct Broking (NZ) are auto entered as having 15% non-resident withholding tax deducted instead of the actual 30%. Why can't I alter this as a default to avoid having to manually re-enter each record?
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Hi Antony,
We default the non resident withholding tax rate to 15% on the assumption that our users have completed the W-8BEN form.
It might be worth touching base with Direct Broking to see if you would be applicable for this reduction in non-resident withholding tax.
I see there is a link to the form on Direct Broking's website:
https://www.directbroking.co.nz/Direc... -
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My accountant tells me there is no advantage to changing to 15% NRWT for my US dividends, so why should I bother to fill in all the paperwork when I could just ask Sharesight to enter the correct value as suggested by the claimed ‘link’ to Direct Broking? Surely it wouldn’t be hard to have the applicable NRWT enterable by the user?
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