U.S.: The Top Destination for Canadians Travelling over the Holidays
When it comes to the holidays, many think of staying home and spending time with family, but the fact of the matter is that end-of-the-year travel takes top priority for many Canadians, with the U.S. the leading destination for many. If you’re vacationing in the U.S. over the holidays and thinking of gambling, you’ll need professional assistance if you’ve had your winnings subjected to the IRS’ 30% withholding tax.
According to a recent poll by the CIBC, roughly a quarter of Canadians (22%) plan to travel on vacation during the Christmas and New Year’s holiday season. British Columbia (26%) and Alberta (25%) lead the country with holiday travellers, followed by Manitoba, Saskatchewan, Ontario, and Quebec, all at 21%.
The bank found that approximately 40% of Canadian vacationers will be travelling outside the country, with 30% using their vacations to keep warm and get away from the hustle and bustle of the holidays. The most popular destination is the U.S.
Another study, by the BMO Financial Group found that 60% of Canadians plan to travel over the end-of-the-year holiday season. Their top destination outside of Canada is the United States (17%) followed by Central/South America or the Caribbean, Mexico, and other overseas areas.
Many Canadians vacationing in the U.S. this holiday season will avail themselves of the multitude of gaming opportunities, some of which include gambling, slots, poker, the lottery, bingo, and betting on races (horses, dogs, etc.).
If you’re fortunate enough to win big while in the U.S., it’s important to keep in mind that the IRS considers any substantial winnings ($1,200 and over) to be taxable income. For Canadians and many other non-U.S. residents, this translates into a 30% withholding tax.
That means that if you win $2,000 on the slots, the IRS will automatically withhold $600.00, leaving you with just $1,400. Of course, the more you win, the more the IRS withholds and the less you get to take home.
That doesn’t mean your winnings subject to the 30% withholding tax are gone forever, but it does mean having to deal with the IRS—which, unfortunately, can be a confusing, frustrating, and time-consuming ordeal.
“I received my refund cheque today and would like to say ‘Thank you.’ I had given up hope of a refund, but am so pleased to have gotten the funds back. If in the future I am lucky enough to win again, I will certainly use Refund Management Services.” – William, Calgary, Alberta
The Easiest Way to Get Your 30% Withholding Tax Back
The easiest way for Canadians and other non-U.S. residents to get their 30% withholding tax back is to let Refund Management Services (RMS) deal with the IRS on their behalf.
As the most reputable casino and gaming tax recovery service in the industry, RMS has been helping Canadian and other non-U.S. residents with the recovery of taxes on U.S. gaming winnings since 1998.
“I wish to thank you for my refund from the IRS. You have kept your word and restored my faith in being able to get MY money back. I am going to Las Vegas soon and I will recommend Refund Management Services to my friends and definitely use you again.” – Dave, Winnipeg, Manitoba
Founded and owned by a Canadian Chartered Accountant, RMS consists of certified agents of the IRS for filing gaming winnings applications. If you’ve had a portion of your gaming winnings withheld by the IRS, contact the gaming tax recovery professionals at Refund Management Services.
In just five minutes, the withholding tax experts at Refund Management Services can help you with your U.S. gambling tax recovery and U.S. casino tax returns. We’ll explain how easy it is for RMS to work on your behalf to get all or part of your 30% withholding tax returned to you.
“Just wanted to say thank you for your exceptional service and helping me get my withholding tax refund from a Las Vegas Casino. Refund Management Services is an awesome, innovative service and was always quick in providing me the required IRS forms and very attentive when I called in to find out the status and timing on my file. Thanks again.” – Danny, Brampton, Ontario
RMS Has NEVER BEEN REFUSED AN ELIGIBLE REFUND.
In most cases, RMS can get gambling winnings back to you in just 12–15 weeks. And if you already have your Individual Taxpayer Identification Number (ITIN#), the process could take as little as six to nine weeks.
To find out how you can get some or all of your taxed game show winnings back, call Refund Management Services toll-free from the United States or Canada at 1-888-272-5559 or e-mail us at [email protected] and one of our representatives will walk you through the one simple stepTM application process.
Refund Management Services is located in Toronto, Ontario, with additional offices in Vancouver, British Columbia, Las Vegas, Nevada, Mexico, and Hong Kong to help serve you better. RMS is a member of the Better Business Bureau and the Las Vegas Chamber of Commerce.
“CIBC Poll: Canadians plan to spend more money on their vacations this holiday season, but fewer of them will be travelling,” Newswire.ca, December 15, 2014; www.newswire.ca/en/story/1463165/cibc-poll-canadians-plan-to-spend-more-money-on-their-vacations-this-holiday-season-but-fewer-of-them-will-be-travelling.
“2014 BMO Holiday Outlook: Spending Expected to Drop to Three Year Low,” BMO Financial Group web site, November 3, 2014; http://newsroom.bmo.com/press-releases/2014-bmo-holiday-outlook-spending-expected-to-dro-tsx-bmo-201411030976482001