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All About The Tax On American Prize Winnings

Part of having a great time on any American vacation is the excitement of wagering, but before you spend all the money you win in the U.S., remember there’s a tax on prize winnings that goes as high as 30%.

If that number sounds high enough to put you off slot machines and even game shows when you’re down south, remember there are ways to get refunds through reputable Canadian firms that specialize in offsetting the tax on prize winnings you’d otherwise need to pay.

Once you understand that you can get some of that money back, of course you’ll want to know how fast that will happen. You should only deal with companies that are upfront on their websites about the turnaround time that’s often 12 to 15 weeks. Expect to get all the necessary information online like the fact that you can cut down the refund process time with a proper ITIN# and what your responsibilities are in the way of documentation.

Finally, you’ll need to find all the necessary eligibility information so you can proceed to get those refunds on the tax on prize winnings. First and foremost, you need to be a non U.S. resident.