Refund Management Services (www.RefundManagement.com), the number one choice for Canada’s biggest winners for U.S. gaming and casino tax refunds, congratulates the Canadian who recently won US$1 million playing Powerball, one of the most popular lottery games in the United States.
A 60-year old Canadian businessman, who is being referred to only as “P” in the media, recently won US$1 million on the February 27th Powerball draw. While the estimated jackpot was US$265.3 million a number of smaller prizes are awarded to those who match enough of the winning numbers. (Source: “Canadian Wins US$1 Million Powerball Prize,” Cornwall Free News, March 9, 2016; http://cornwallfreenews.com/2016/03/canadian-wins-us1-million-powerball-prize/.)
“The $1 million American, won by the Quebec businessman, amounts to around $1.32 million Canadian after currency conversion,” says Brooke Sacks, vice president of marketing and business development at Refund Management Services “That said, it’s important for Canadians and other non-U.S. residents who win playing a lottery south of the border to understand that their winnings are subject to a 30% withholding fee by the Internal Revenue Service [IRS].”
Sacks explains that in the United States, lottery winnings and other games of chance, including gambling, horse racing, sports betting, and even game shows, are considered income by the IRS. As a result, substantial winnings, typically those over $1,200, are subject to a 30% withholding tax. Winning US$1 million playing the Powerball means receiving a cheque for $700,000 (CDN$925,000).While that is still a significant amount of money, it also means leaving $300,000 (CDN$396,000) behind.
“There is a way for those who live in a country like Canada, which has signed a U.S. tax treaty, to get a portion or all of their withheld taxes back,” Sacks explains. “Refund Management Services is Canada’s most reliable and experienced gaming tax refund specialists. In fact, the chartered accountants at RMS have never been refused an eligible refund.”
Founded and owned by a Canadian Chartered Accountant, Refund Management Services (RMS) is the most reputable casino and gaming tax recovery service in the industry. As registered agents of the IRS, RMS helps Canadians and other non-U.S. residents recover all or a portion of their taxes up to three years after their winnings have been withheld. With the expertise in gaming-related tax laws, RMS understands all the IRS requirements to ensure that any entitled refund is successfully recovered. RMS only gets paid for successful gambling tax refunds. RMS is a member of the Better Business Bureau and the Las Vegas Chamber of Commerce. Contact Refund Management Services toll free from the United States and Canada at 1-888-272-5559. Or email RMS: [email protected]