When you first opened an account with us, you would have already signed this form! However, the validity of these documents expires every 3 years (this timeline is stipulated by the CRA & IRS), so once we near that timeframe we re-surface a new copy for you to sign when you log in!
What is a W-8BEN? Why am I signing it if I'm Canadian resident?
Good question! Most of our investment portfolios include US-listed ETFs. As a Canadian resident, if you earn dividend income from US-listed ETFs, you'd be subject to a non-resident tax in most account types. To save you the trouble of dealing with the IRS, Wealthsimple automatically deducts this tax and sends it to the IRS on your behalf - nothing further required on your end. The W-8BEN is a form that reduces this non-resident tax, so you can keep more of those dividend returns!