How do I pay tax on dividends?

[M_Power]

I own shares in both Canadian and US companies, how do I pay taxes on dividends recieved? ie: what forms need to be filled and how to do it?

Thanks.

[Mckenzie]

The brokerage firm should be witholding taxes for the US shares, regardless of whether they hold the qualified intermediary status or not (30% or less depending on interest / dividend and QI status).

In Canada, you will likely not pay tax until tax time, so....dont worry about it! Put it in a savings account or put it to use because as long as your normal refund offsets the tax owing on the interest / dividend, you will not be subject to penalties.

[Supa Dexta]

I need to get an accountant.. I cashed out a bunch of US stock the first of this yr, The US wanted to try and tax it, but they can't on a canadian.... So I received the full amount.. But it's long spent.. :rofl: I don't even know if I have much paper work for it, soooo no paper trail no worries right??? :nut:

[Mckenzie]

Well it is considered property income earned in the US and should be taxed as such. I'm not sure about capital gains tax but there was likely no witholding on that.

I guess if you want to avoid the full cavity search when you go across the border then you should pay tax but its your call.

[ExtraSlow]

I'm assuming your broker will handle the paperwork and it'll just show up on your year end tax forms. At least, I hope that's how it works, I have some US dividends to deal with this year as well.