# Am I the only one still waiting for tax slips from Questrade?



## kreyszig (Jan 16, 2013)

Hi,

So I requested an amended T5 from Questrade at the beginning of March because they had not taken into consideration the RoC from VNQ. They promised me to fix the problem soon, to amend my T5 and to give me a withholding tax refund, but it has yet to happen. I contacted them a few times and they always claim it will get done, but I see the end of April coming soon. I was wondering if I am the only one in this situation?

Thanks!


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## liquidfinance (Jan 28, 2011)

Why would Questrade consider return of capital in a US listed REIT?

I believe and read recently on here that ROC payments from a US ETF are simply treated as income.


It was in your own thread:

http://canadianmoneyforum.com/showt...properly-dealing-with-Return-of-Capital/page2


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## kreyszig (Jan 16, 2013)

liquidfinance said:


> Why would Questrade consider return of capital in a US listed REIT?
> 
> I believe and read recently on here that ROC payments from a US ETF are simply treated as income.
> 
> ...


In that thread I confirmed that there is no difference in the treatment of foreign RoC by CRA, so yes, Questrade should consider RoC for a US listed REIT. And they agreed as well. The goal of this new thread is to know when I should expect the amended tax slip.


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## andrewf (Mar 1, 2010)

See this post by CCP's Dan Bartolotti. He mentions the legal precedent that US ROC and Capital gains distributions are fully taxable. Sounds like you are out of luck, and shouldn't be expecting any revisions from Questrade.


http://canadiancouchpotato.com/2014/04/10/adjusted-cost-base-with-us-listed-etfs/


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## kreyszig (Jan 16, 2013)

andrewf said:


> See this post by CCP's Dan Bartolotti. He mentions the legal precedent that US ROC and Capital gains distributions are fully taxable. Sounds like you are out of luck, and shouldn't be expecting any revisions from Questrade.
> 
> 
> http://canadiancouchpotato.com/2014/04/10/adjusted-cost-base-with-us-listed-etfs/


Please stay on topic. In that court ruling there is no mention about the fact that foreign RoC should not be treated as such by CRA anyway. I verified with CRA and they confirmed to me that foreign RoC should be treated the same way as Canadian RoC, because this is simply return of invested capital. And as I said, Questrade already confirmed to me that they made a mistake.


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## andrewf (Mar 1, 2010)

No, that case is exactly what you asked about. 

Here is the ruling:



> [1] Hellmut Schmidt appeals the reassessment of his 2009 taxation year. The issue concerns the tax treatment of certain investment income received by the Appellant from RBC Dominion Securities Inc. (“RBC Dominion”).
> 
> [2] It is the Appellant’s position that the investment income consists of income, taxable capital gains and a return of capital.
> 
> ...


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## andrewf (Mar 1, 2010)

I will also point out that nothing CRA or Questrade say is binding. What matters is the case law.


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## kreyszig (Jan 16, 2013)

The rulling basically says that one has to stick to the amounts reported on the tax slips and cannot get the information from the web, it has nothing to do with the fact that foreign RoCs should not be considered the same way as Canadian RoCs... What this person should have done is to get his tax slip amended by his broker.


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## Charlie (May 20, 2011)

changing the T5 should be easy. adjusting the withholding will be hard -- they've already sent that money to the gov't. Possibly that's the hold up.

You should call again and have a person to talk to and see if they'll give you date for the new slip. If they can't hit April 30 you'll have to file with what you have and amend later.

But from what you've posted it seems they've agreed to amend (unless the person you spoke with gets overruled by someone more senior). Good luck.


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## andrewf (Mar 1, 2010)

Good luck and let us know whether you get the revised T5. This is definitely not standard procedure for Questrade, so I would not be surprised if it gets held up for a while.


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## kreyszig (Jan 16, 2013)

So I had not given an update regarding this. Questrade gave me a T5 special, with the proper information about withholding tax, i.e. with no withholding tax for return of capital. I then used this information to fill my tax report. So Questrade can handle withholding taxes on RoC properly.


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## andrewf (Mar 1, 2010)

Did they make any comment about doing this in the future? Will you have to make the same request every year?


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