QI Information Kit

QI Information Kit

A Qualified Intermediary (QI) is a party that enters into a QI Agreement with the U.S. Internal Revenue Service (IRS) and assumes certain documentation responsibilities in exchange for simplified information reporting regarding its foreign accountholders and for the ability not to disclose proprietary accountholder information to a withholding agent that may be a competitor. A QI can additionally choose to assume primary non-resident alien (NRA) withholding responsibility, becoming accountable for U.S. withholding and reporting requirements under Chapter 3 of the Internal Revenue Code. In Canada, QIs that elect to process the U.S. withholding tax themselves (often called withholding QIs), receive full payments of interest, dividends and other entitlements; deduct the appropriate tax from payments they make to beneficial owners; and remit the tax withheld to the IRS. This webpage links to information of interest to IIAC members.

Submissions/Notices

IIAC comments on basis reporting proposals under Internal Revenue Code S.6045 [PDF]

IIAC comments on draft W-8BEN and instructions [PDF]

IIAC Comments on Proposed Basis Reporting Regulations [PDF]

IIAC comments to IRS on proposed regulations on withholding procedures for certain distributions [PDF]

IIAC comments to U.S. Treasury on proposed self-tender regulations [PDF]

IIAC QI Committee Comments on US 2010 Revenue Proposals [PDF]

IIAC recommends changes to IRS on proposed amended IRS Form 1042-S [PDF]

IIAC requests U.S. IRS to make changes to IRS qualified intermediary identification requirements [PDF]

IIAC Submission to the IRS on Announcement 2008-98: Proposed Amendments to QI Agreement and Audit Guidance [PDF]

IIAC Submission to the IRS on Notice 2009-17: Information Reporting of Customer’s Basis in Securities Transactions [PDF]

IIAC Submission to the U.S. Ways and Means Committee on the Foreign Tax Compliance Act of 2009 [PDF]

IIAC Submission to US Treasury re Securities Basis Reporting by Qualified Intermediaries [PDF]

IIAC urges IRS and U.S. Treasury to amend proposed withholding regulations [PDF]

IIAC urges U.S. Senate Committee on Finance to give Treasury power to relieve basis reporting requirement [PDF]

IIAC writes DTC on Section 302 withholding procedures [PDF]

Member Advisory on U.S. Internal Revenue Sevice (IRS) proposed escrow and certification procedures for self-tenders [PDF]

QI treatment of TFSAs [PDF]

Useful Links

Investment Dealers Association of Canada FAQs [HTML]

Useful Documents

Withholding of Tax on Nonresident Aliens and Foreign Entities for Withholding in 2008 (Publication 515 (3/2008) [HTML]

Qualified Intermediary Withholding Agreement and Application Procedures [PDF]

IRS Contacts [PDF]

Canadian KYC Attachment [PDF]

Acceptable Institutions and Acceptable Counterparties Listing (select the bulletin with the most recent list) [HTML]

Forms

A Withholding Agent’s Obligation: Getting it Right (M. Michelman, Deloitte Tax LLP; T. Coppinger, Deloitte Tax LLP) [PDF]

Health Checks and Remediation – Preparing for the Audit (R. Cardinal and S. Seger, Burt, Staples & Maner LLP) [PDF]

IRM 4.10.21 – U.S. Withholding Agent Examinations = Form 1042 (T. Larsen, N. Marino, L. Vu – IRS) [PDF]

The Current and Future Landscape of U.S Qualified Intermediaries -19/11/2008 [PDF]

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