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Can I claim the tax credit on my Canadian return, even if the amount of tax I pay to the US ends up being zero due to the child tax credit?

[quote=nelsona post_id=530679 time=1718455259 user_id=30] ,.. and while you can file in October, you need to pay any tax April 15 when you file the extension. [/quote] True, but I'm getting a refund due to the refundable child tax credit, so I'll have no late penalties. I've already scheduled a cons...

I've already applied for the October extension, so the June 15 deadline is not important for me. I just happen to be looking at my US taxes this week. Maybe I'll wait until a time when deadlines for others are less pressing to continue. I appreciate your feedback, but I still disagree with your conc...

Sorry for being rather academic about this, but it actually reflects my current situation. My effective US tax rate is less than 15%, even though I have qualified US dividends that are taxed at 15%. What I would *rather* do on my US return this year (because I already filed my Canadian taxes this ye...

I'm not so sure about your conclusion. If my average US tax rate is less than 15%, this would lead to me claiming a larger tax credit on my Canadian taxes than I actually pay to the US. Using my example: - $99,000 USD general category Canadian wage income - $1,000 USD US-sourced dividends At this in...

Thanks for the response. I was already assuming that the dividends would be qualified. In the example, $99,000 USD of wage income would have a total tax of $14,041, while the $1,000 of dividends (if qualified) would be taxed at 15% for a total tax of $150. Total tax on all income is $14,191, for an ...

(Oops, I accidentally posted my first example twice, and I can't figure out how to edit/delete a post. Ignore the repeat.) Example 2: Effective US tax rate is more than 15%. Suppose that the situation is exactly the same as above, except that the total US tax liability is $16,000. The total US tax o...

Example 1: Effective US tax rate is less than 15%. Suppose my income in a year is $99,000 USD in Canadian-sourced wage income, and $1,000 USD in dividends from US sources. Suppose the total taxes owed (before FTCs) are: - to US is $14,000. - to Canada is $25,000. Allocate US taxes (the calculations ...

I'm a dual citizen living in Canada. This year I claiming FTCs for the first time. (I've always used FEIE in the past, as my income is always below the FEIE threshold. It was easier than using FTCs. But I now have a young child, and I'd like to claim the child tax credit.) I want to ensure I'm corre...

If I own a dividend-paying Canadian ETF for which I elect to treat as a QEF, how should the dividends be reported to the IRS? Is a 1099-DIV form required, or is that dividend income already taxed as part of the “ordinary income” reported on the 8621 form? Section 1293(c) (www.law.cornell.edu/uscode/...