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How to Submit a Update W-8BEN and/or a W-8BEN-E Form Request

Learn how to submit a request to update a W-8BEN and/or W-8BEN-E form for a specific account to ensure accurate tax withholding on U.S.-source income.

Applies To:

All Portfolio Managers, Advisors, Wealth Planners, and support staff.

Eligible account types for a W-8BEN: Cash accounts, Joint accounts, Margin accounts, TFSA, RRSP, RESP, RDSP, FHSA, and Trust accounts. 

Eligible account types for a W-8BEN-E: Entity Cash Accounts.

You can submit a W-8BEN and/or W-8BEN-E Request from the client’s CRM Contact Record. Use the instructions below to ensure the W-8BEN and/or W-8BEN-E meets the eligibility requirements and the correct details are provided.

When to Submit an W-8BEN and/or W-8BEN-E

For a W-8BEN:

  • Opening a U.S. Investment Account.
  • Receiving U.S.-Source Income.
  • Updating Expired or Outdated Information.

For a W-8BEN-E:

  • A Canadian Entity Holding U.S. Investments.
  • Claiming Tax Treaty Benefits as an Entity.
  • Fulfilling FATCA Compliance Requirements.
  • Updating Entity Information.

How to Submit a Update W-8BEN and/or a W-8BEN-E

To submit a W-8BEN and/or a W-8BEN-E Form Update, you'll use the Service Extension on the client's CRM Contact Record. When submitting the request, there are two distinct submission methods and workflows: Manual Submission, which involves upload a scanned or physically signed document, and Straight-Through Processing (STP), which automatically generates the required forms and sends it to the client through DocuSign.

Although both methods are valid, we strongly recommend using Straight Through Processing whenever possible for real-time tracking, reduced errors, and faster turnaround times.

Learn more about Straight-Through Processing.

How to Submit a Update W-8BEN using Manual Submission

Choose this method if your client has already completed and signed the required forms.

  1. Navigate to the Client's CRM Contact Record
  2. Go to the Servicing Tab
  3. Select Account Administration → Update Account Documentation
  4. Select Update W-8BEN

  5. Select the Account Root
  6. Select Manual Submission
  7. Upload Required Documents:
    • Signed W-8BEN by the client
  8. Review & Submit 
    • Once you confirm the details, click Submit to create the service request ticket.

Tip: Double-check that the uploaded forms include signatures and correct account details to avoid processing delays.

How to Submit a W-8BEN-E Form Update using STP

Choose this method if your client has already completed and signed the required forms.

  1. Navigate to the Client's CRM Contact Record
  2. Go to the Servicing Tab
  3. Select Account Administration → Update Account Documentation
  4. Select Update W-8BEN-E

  5. Select the Account Root
  6. Select Manual SubmissionReview & Submit 
    • Once you confirm the details, click Submit to create the service request ticket.

Tip: Double-check that the uploaded forms include signatures and correct account details to avoid processing delays.

How to Submit a W-8BEN Form Update using STP

With STP, Optimize automatically generates and emails the necessary forms to your client for electronic signing through DocuSign.

  1. Navigate to the Client's CRM Contact Record
  2. Go to the Servicing Tab
  3. Select Account Administration → Update Account Documentation
  4. Select Update W-8BEN

  5. Select the Account Root
  6. Select Straight Through Processing
  7. All the required information for the W-8BEN will be fetched from the clients CRM profile
  8. Review & Submit 
    • Once you confirm the details, click Submit to create the service request ticket.

Please note: Once you submit the request, the ticket will be created and the client will be automatically sent the paperwork by DocuSign. The ticket cannot progress further until the client reviews the paperwork and electronically signs through DocuSign.

How to Submit a W-8BEN-E Form Update using STP

With STP, Optimize automatically generates and emails the necessary forms to your client for electronic signing through DocuSign.

  1. Navigate to the Client's CRM Contact Record
  2. Go to the Servicing Tab
  3. Select Account Administration → Update Account Documentation
  4. Select Update W-8BEN-E

  5. Select the Account Root
  6. Select Straight Through Processing
  7. Review & Submit 
    • Once you confirm the details, click Submit to create the service request ticket.

Please note: Once you submit the request, the ticket will be created and the client will be automatically sent the paperwork by DocuSign. The ticket cannot progress further until the client reviews the paperwork and electronically signs through DocuSign.

After Submitting the Request

A new service request ticket will be created. You can locate it:

  • In the Right-Side Panel of the client's CRM Contact Record under Tickets.
  • In the Account Administration Pipeline, where you can track the progress and confirm when the request is completed.

Processing Times

  • Manual Submission: Processed within 7 business days.
  • Straight Through Processing: Typically completed within 1 business day of receiving signed documents.