Until the Saudis get a new prince, apparently.fiona2009 said:Yes the US almighty dollar is looks better & better! I wonder how long the price of oil will stay down?
Q1: Do you provide us clients with a W9? If not, do you have troubles securing US clients without it? Or are they happy to pay international contractors?
Q2: Do you have a cross border accountant? Or do you do your own taxes?
I should clarify - I'm not quite in Canada yet. We're on the cusp...
Q1: I supply one to those who ask. Typically, if I do over a certain amount of work, they ask. I think there IS a threshold that if you pay a contractor a certain amount (I think it's now a mere $600) or over, the IRS requires it. Some clients who don't pay me a lot just like to have it for peace of mind, I guess.
Q2: Here in the U.S. I do my own taxes. However, unless TurboTax comes out with a "Used to Live in Canada, Moved to U.S., has now Moved BACK to Canada" version, I may end up hiring someone.
Google this and the first link should help: "form-1099-for-payments-to-foreign-contractors-for-services"
If you are a U.S. person, or have U.S. indicia, you should probably just fill out the W-9 if they ask you for it. Maybe even offer it up anyway. If your client withholds taxes, which they can even if the suspect you are a U.S. person, you can always claim that on your income taxes as they should be sending that withholding to the IRS.
Please (this is a general comment to everyone on the forum who reads this) do your research to determine if you are considered a U.S. person living in Canada. The criteria for being a U.S. person and owing returns (not necessarily taxes) to the IRS is not as logical, or straightforward, as one might think. I'm already getting IRS forms from CIBC in Canada stating that I have U.S. indicia on my account and that I must report my account(s) to the IRS. The onus is ENTIRELY on you - there is no "I didn't know" defense.