Serbinski Accounting Firms

Thanks very much for the clarification. I understand the distinction now. Much appreciated!

In a previous thread on the treatment of cap gains arising in US, you had mentioned that: "CAP GAINS: Similarly, cap gains tax is not creditable, nor is it considered US-sourced. So the US tax you paid goes on line 256, and you claim it as passive on a separate 1116. It is foreign income. Only ...

Ok, I understand, thanks very much for the clarification. Would bank interest arising in US also be treated the same way as capital gains (from stocks) arising in US? That is, no FTC or deduction in Canada?

Sorry I wasn't clear. I'm referring to capital gains in my US investment account. Based on my understanding, these are not eligible for a FTC in Canada, only a deduction on line 232 (under section 20(12)). Or am I mistaken about this?

Hi, I'm a US citizen residing and working in Canada. I've gone through the previous threads on how to report US-source capital gains on the Canadian return, but am unclear about one issue. My understanding based on prior threads is that the tentative US tax on such capital gains (i.e., the US tax th...