New Language – Beneficial Owner for a W-8BEN

From the IRS;

A W-8BEN must be signed and dated by the beneficial owner of the income.  If the beneficial owner is a;

Individual – That person must sign and date the form.  The capacity line should be left blank.  For a minor child, a parent or guardian may sign and must enter “parent” or “guardian” where applicable on the capacity line.

Corporation – The form must be signed and dated by the President, VP, Treasurer, Assistant-Treasurer, CAO,, or any other officer, such as the Tax Officer, who has the authority to sign.  Forms signed by a receiver or trustee in bankruptcy on behalf of a corporation must be accompanied by a copy of the order or instructions of the court signing the form. 

Partnership – A general partner or member manager must sign and date the form.  If the form is filed on behalf of a partnership by a trustee, receiver or assignee, the fiduciary must sign instead of a general partner or member manager.  Forms signed by a receiver or trustee in bankruptcy on behalf of a partnership must be accompanied by a copy of the order or instructions of the court authorizing signing of the form.  The capacity line must state the tile of the person signing on behalf of the partnership.

Estate or Trust – A fiduciary must sign and date the form.  The capacity line must state the fiduciary’s title – such as trustee, administrator, or executor.

 

* fiduciary – A person or institution which occupies a position of special trust and has responsibility for the money, property or financial affairs of another

Author: Warren Orlans

Welcome to inTAXicating. inTAXicating has been published since 2008 to provide clarity around Canadian taxation issues, primarily related to the Canada Revenue Agency. As the primary author, Warren Orlans, has over 20-year's experience in the taxation industry, 11 of them working for the Canada Revenue Agency (CRA), and 7-years working in the private sector Managing the tax departments for large financial institutions. If you have a collections, compliance or audit issue with the CRA, inTAXicating is the place you need to contact. inTAXicating works in strategic partnership with amazing accountants, tax lawyers, insolvency practitioners, mortgage brokers, debt counselling experts and much more. If you have a tax question, feel free to ask in the comments, or email me at either info@intaxicating.ca, or intaxicatingtaxservices@gmail.com.

Would Love to Hear Your Thoughts

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s