Serbinski Accounting Firms

**Update - Sold our company in 2017 I've sold my shares in this US company and files/paid my taxes as a 1040NR and also carried as much of the non business foreign tax credit as I could to my T-1 for 2017. Q: It looks like I have some excess tax paid in the US that didn't get credited over and it is...

I receive a K-1 from a US LLC and record that as dividend income on my CAD return. Unfortunately, my US withhold tax is recorded as both div tax credit and then as a deduction above 15% - not ideal when $ gets bigger. Question - is there a way to receive K-1 income that is not considered 'dividend' ...

Another question related to LLC ownership as a CAD resident/citizen.

If my LLC has a CAD tax credit, and not enough CAD related income to claim the credit full in the US, can any of the tax be applied against CAD income on T-1 filing?

Makes sense. thx.

My understanding as well.
Thanks very much for the quick responses.

Thanks Nelson.

Last question - is the check box for Item K on the 1040NR -Over $250K - is that for US effectively connected income or worldwide income? All my other income is source deducted in Canada on a T-4. I assume that is not required on the 1040NR.

I am in the exact same situation but taxes were withheld in the US on my K-1. It's my understanding that I can get some tax credit (up to 15%) but the rest is a tax deduction. My question is - where do we enter this K-1 information on my CAD T-1? It's not in the foreign income section so is this a T...