Call clients who own Greek bonds

If you have clients who own Greek bonds (government or corporate), they may have immediate tax-filing concerns.

A PwC notice explains that investors not resident in Greece who realized gains between February 29, 2012 and December 31, 2013 owe the Greek government 20% in taxes.

Read: Eurozone unemployment rate dropping

It’s due June 25, and they “must appoint a tax representative in Greece and acquire a Greek tax registration number,” the notice says.

It adds: “In case the beneficial owners are tax residents in a country that has signed a double tax treaty (DTT) with Greece, they can benefit from the DTT upon filing a treaty application form incorporating a tax residence certificate. It is recommended that the treaty relief application is filed before 25 June 2014.”

In 2009 Canada signed a treaty with Greece to avoid double taxation. Have your clients check with their accountants to make sure they don’t have to remit tax to the Greek government.

Also read:

Understanding the new T1135

How to file taxes for snowbirds

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.