pinky Posted March 19 Report Share Posted March 19 Hi I have 1042-s form from casino in U.S last year (they took 30% of winning amount) I searched google and I need to report tax return when I apply canada tax return . so I tried to put all my information from simple tax by my self and look like I am not able to get money what amount U.S took it. For example U.S took tax from me $5000 and I only will get return $1000 when I apply canadian tax return with 1042-s together. (It is lot of money ... ) is it right amount? I am not U.S resident and I don't know why I have to pay tax to U.S depand on my canada income.. Do you have any idea how I can get 100% amount U.S TAX ? Should I hire accounter from U.S? Please let me know.. need help! Thanks alot! Quote Link to comment Share on other sites More sharing options...
Geo123 Posted March 19 Report Share Posted March 19 Hello pinky, RE : Do you have any idea how I can get 100% amount U.S TAX >>No - please consult an accountant The 1042-S should be entered as follows To enter these IRS slips:.For example [1042-S / 28 Gambling winnings] >>>Interview setup (left hand navigation pane - - beneath “CRA Express NOA”) >> Double click “interview setup” >>On right hand of screen Find the section [Investment income and expenses] >>Select Foreign income or foreign property (T1135) - - > >>Foreign capital gains - Stock, mutual funds & other non depreciable property >>In the section [Foreign non-business income] >>Income from foreign dividends (or interest / capital gains / other) *Country from where you received the foreign income If the country signed a tax treaty with Canada, a deduction under 20(11) will not be allowed. [United States (tax treaty with Canada)] *Description of the source of the foreign income [1042-S / 28 Gambling winnings] If you are entering amounts in Canadian dollars, enter 1 for the exchange rate. The average exchange rate for $US was 1.3497 in 2023. See the Bank of Canada's website (www.bankofcanada.ca) for other exchange rates. *Exchange rate to apply [1.3497] *Amount of foreign income received [$1,000.00] *Amount of foreign tax paid [$250.00] Quote Link to comment Share on other sites More sharing options...
TeaganHeath Posted March 27 Report Share Posted March 27 It's crucial to report your 1042-S form when filing your Canadian tax return, especially if you've had taxes withheld by a U.S. casino. To ensure you're claiming the correct refund, consider seeking professional tax advice or using tax software tailored for these situations.Regarding online gambling, if you're interested, you might want to explore best casino bonuses online for potential opportunities to enhance your gaming experience. These bonuses could provide added value and potentially offset some of the taxes withheld from your casino winnings. Quote Link to comment Share on other sites More sharing options...
walhay Posted March 27 Report Share Posted March 27 I have a similar issue. I've been playing at an online casino on this site and now I want to withdraw my money, but despite the site claiming to be Canadian, I don't see any confirmations of that. In this case, do I need to hire an accountant before withdrawing these funds? Also, if anyone has encountered a similar situation, is there a way to find out in which country this casino is registered on my own? Quote Link to comment Share on other sites More sharing options...
Geo123 Posted March 27 Report Share Posted March 27 Hello walhay, To enter these IRS slip 1042-S:.(assuming you are a Canadian resident) >>>Interview setup (left hand navigation pane - - beneath “CRA Express NOA”) >> Double click “interview setup” >>On right hand of screen Find the section [Investment income and expenses] >>Select Foreign income or foreign property (T1135) - - > >>Foreign capital gains - Stock, mutual funds & other non depreciable property >>In the section [Foreign non-business income] >>Foreign income - other *Country from where you received the foreign income If the country signed a tax treaty with Canada, a deduction under 20(11) will not be allowed. [United States (tax treaty with Canada)] *Description of the source of the foreign income [Gambling IRS 1042-S code 28] If you are entering amounts in Canadian dollars, enter 1 for the exchange rate. The average exchange rate for $US was 1.3497 in 2023. See the Bank of Canada's website (www.bankofcanada.ca) for other exchange rates. *Exchange rate to apply [1.3497] *Amount of foreign income received [$100.00] *Amount of foreign tax paid [$10.00] Quote Link to comment Share on other sites More sharing options...
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