Received my ROC Withholding Tax Refund Today
This morning, I opened up my RBC DI accounts and was very pleasantly surprised to see that RBC deposited $7781 into my two TFSAs which was the ROC-Related Withholding Taxes they collected thru 2025 and are Now refunding back to my TFSAs.
I knew this was going to happen some time in March as RBC DI executes its calculation and refunds of the withholding taxes in all TFSAs and Non-Reg accounts in March. It's amazing how much CC ETF Foreign Withholding taxes that are collected thru the year - are actually ROC Exempt and refunded back.
Unfortunately if you are with WealthSimple or Questtrade - you will not be seeing this refund since unless they finally addressed this limitation - both these discount brokers do not have backend systems in place to calculate and refund the ROC collected taxes they took from you in the previous year. You have to calculate the actual ROC portion taxed yourself (very complex as its based on the US etf manager's year end Tax Reconciliation Report - to confirm what was the actual ROC portion of EACH distribution payment thru the year - and then I guess work with a tax accountant to file a request for refund from the IRS??)
So, yeah sadly RBC DI charges alot for their trade fees, but from this refund alone, that is more refunded than I paid in trade fees for all 7 of my accounts.
