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Do You Need to Send a 1099-INT for Interest Paid to a Canadian Vendor?
February 14, 2025
Q. We paid interest to a vendor in Canada (over $10). We have their W-8BEN-E but it does not have a Foreign Tin/GIIN/or TIN listed on it. I reached out to ask to update their W-8BEN-E and they said they are a foreign entity. Do I need to send them a 1099 INT?
A.
(Answered by IOFM's third-party tax advisor)
Form 1099-INT would not be sent in this situation. However, Form 1042-S reporting may be required. Foreign reporting can be very complicated and should be discussed with the applicable party…
Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know.
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