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Plains All American Pipeline, L.P. Message Board

  • rudfox rudfox Mar 9, 2004 9:34 PM Flag

    Canadian Form "T1 General, Income Tax"

    "Partners who are INDIVIDUALS WHO ARE NON-RESIDENTS of Canada should repoort Canadian Tax Return Invormation on Canadian Form 'T1 General, Income Tax and Benefit Return for Non-Residents and Deemed Residents of Canada.' "

    For real? Don't they just withhold and be satisfied with that?

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    • Einstein_of_PrincetonU Einstein_of_PrincetonU Mar 12, 2004 10:19 PM Flag

      "Partners who are INDIVIDUALS WHO ARE NON-RESIDENTS of Canada should repoort Canadian Tax Return Invormation on Canadian Form 'T1 General, Income Tax and Benefit Return for Non-Residents and Deemed Residents of Canada.' "

      For real? Don't they just withhold and be satisfied with that?
      ------------------
      Rud Fox had requested an answer for the above question and I too am curious. Worse yet, I have another question, I assume if you have your LP shares held in a street name you can not use the PAA web site to get K-1 info. Is that correct?

      • 2 Replies to Einstein_of_PrincetonU
      • First your Canada question. Canada cannot withhold since PAA had a loss in Canada. Since PAA is a partnership it merely apportions its loss or profits to the partners- YOU.

        Second. EVERY limited partner gets a K-1. Your broker reports information about you to every company where you have a position. This is how the company could communicate with you in a proxy battle or other situation. Yes, few do so directly, but instead have the broker mail out information for a fee.

        With MLPs the company has your name and knows when and how much you paid for your shares. They will send you a K-1 directly each year. If you feel the K-1 is wrong you need to contact the company. My previous post explains other info that may be of interest.

        Canada does not have tax police. However, they did write me a letter and enclosed tax forms when one of my MLPs showed about $3500 in Canadian profits from one of my holdings a few years ago. Also needed to file in 6 states and 2 Canada provinces that year. I did have a VERY large holding in that company.

      • You can hold MLP units in a street name and still get your K-1 from the MLP (via the K1support.com site) The K-1s are listed there by the soc. sec. # the account is registered to.

 
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