Interactive Brokers

This is a discussion on Interactive Brokers within the Brokerages forums, part of the Commercial category; Hello, I'm a non-US person and plan to open an account with Interactive Brokers. I've read already read through the ...

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Old Mar 1, 2011, 10:19am   #1641
 
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Joined Feb 2011
Re: Interactive Brokers

Hello, I'm a non-US person and plan to open an account with Interactive Brokers.

I've read already read through the detailed information on the IB website, but still have some tax questions:

I understand that I have to provide a valid W8 form to avoid the 30% withholding tax. Does IB provide a (downloadable) list of my account balance and my transactions at year end that I can show to my local tax authorities? Or are these information maybe automatically provided to my local tax authorities by Interactive Brokers or the US financial authorities?

Or do I have to compile all account and transaction data by myself? I ask so I know what amount of tax document work to expect so I can make everything right and to avoid unnecesary trouble with the tax authorities.

Thanks in advance,
Tom
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Old Mar 1, 2011, 10:54am   #1642
Joined Jan 2006
Re: Interactive Brokers

Quote:
Originally Posted by TomTomson View Post
Hello, I'm a non-US person and plan to open an account with Interactive Brokers.

I've read already read through the detailed information on the IB website, but still have some tax questions:

I understand that I have to provide a valid W8 form to avoid the 30% withholding tax. Does IB provide a (downloadable) list of my account balance and my transactions at year end that I can show to my local tax authorities? Or are these information maybe automatically provided to my local tax authorities by Interactive Brokers or the US financial authorities?

Or do I have to compile all account and transaction data by myself? I ask so I know what amount of tax document work to expect so I can make everything right and to avoid unnecesary trouble with the tax authorities.

Thanks in advance,
Tom
Yes, we provide tax reports.
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Old Mar 1, 2011, 11:07am   #1643
 
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Joined Feb 2011
Re: Interactive Brokers

Quote:
Originally Posted by Interactive Brokers View Post
Yes, we provide tax reports.
Thanks for your fast reply. So I just have to print the tax report for my account and provide the document data to my local tax authorities?

Or are any tax data automatically submitted to the local tax authorities that would make the whole process much easier and faster?

Tom
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Old Mar 1, 2011, 11:21am   #1644
Joined Jan 2006
Re: Interactive Brokers

Quote:
Originally Posted by TomTomson View Post
Thanks for your fast reply. So I just have to print the tax report for my account and provide the document data to my local tax authorities?

Or are any tax data automatically submitted to the local tax authorities that would make the whole process much easier and faster?

Tom
You will need to print the information and provide it to your accountant or tax authority.
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Old Mar 2, 2011, 10:10am   #1645
 
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Joined Feb 2011
Re: Interactive Brokers

Thank you. I plan to start the account application this weekend.
It's very convenient that IB provides printable tax reports. That
makes the paperwork for the local tax authorities much easier.

Tom
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Old Mar 2, 2011, 1:21pm   #1646
 
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Re: Interactive Brokers

Absolute ****e website. I tried calling the toll free number .... got a dead dialing tone. The email system doesn't seem to be opening because one of the dropdown menu options is empty & trying to find interactive online help is like looking for a needle in a haystack

Someone's trying to tell me not to contact IB lol
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Old Mar 2, 2011, 9:45pm   #1647
 
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Re: Interactive Brokers

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Originally Posted by spreader_legger View Post
Absolute ****e website. I tried calling the toll free number .... got a dead dialing tone. The email system doesn't seem to be opening because one of the dropdown menu options is empty & trying to find interactive online help is like looking for a needle in a haystack

Someone's trying to tell me not to contact IB lol
I'm looking for a good online broker from Canada or the USA to better trade my Canadian stocks. As a non-US or non-Canadian resident it's important that the online broker accepts customers worldwide.

From the few US and Canadian based online brokers that accept worldwide customers Interactive Brokers seems to be the best choice for my requirements. And if I need some support the Trade2Win forums are a fast and efficient way to talk with an IB representative.

As I will only trade stocks with a cash account there should not be too many problems, especially as I have already many years experience trading stocks on the Canadian stock exchanges. But not online and real-time but only via my local bank.

Tom
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Old Mar 3, 2011, 11:49am   #1648
 
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Re: Interactive Brokers

I have one question about the account base currency:

Can I choose Canadian Dollars as the base currency of my account as a European customer?
As I will mainly trade stocks on Canadian stock markets it would make things much easier.

Tom
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Old Mar 3, 2011, 12:33pm   #1649
Joined Jan 2006
Re: Interactive Brokers

Quote:
Originally Posted by TomTomson View Post
I have one question about the account base currency:

Can I choose Canadian Dollars as the base currency of my account as a European customer?
As I will mainly trade stocks on Canadian stock markets it would make things much easier.

Tom
You can fund your account is CAD.
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Old Mar 10, 2011, 12:40am   #1650
Joined May 2010
Re: Interactive Brokers

I am currently trading at IB but lately I have been trading low-priced stocks (ie between $1 and $2) and due to my ticket size I would rather pay a flat-fee per trade than the $0.005 per share that IB charges. Is there a way for me to be charged a flat fee per ticket at IB?
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