No, since this tax would not be imposed on a Cdn resident who is not a US citizen, it is ineligible for FTC on your CDn return.
And by the way it is imposed on the 1040, there is no way to get the US FTC methods to eliminate or d=reduce it,
It does what it was supposed to do.
New 3.8% Obamacare Tax on investment income - Canadian tax
Moderator: Mark T Serbinski CA CPA
Hi tdiddy,
When you take out money from the RRSP that has been deferred using form 8891, this income will become part of the "Modified Adjusted Gross Income". This is one basis of the tax, but the RRSP income itself is a qualified IRA distribution, and isn't considered net investment income.
On future development, there is an article showing some treaty positions one could take:
http://www.aicpa.org/Publications/TaxAd ... l2014.aspx
As nelsona has stated, the forms do not lend themselves to a foreign tax credit.
When you take out money from the RRSP that has been deferred using form 8891, this income will become part of the "Modified Adjusted Gross Income". This is one basis of the tax, but the RRSP income itself is a qualified IRA distribution, and isn't considered net investment income.
On future development, there is an article showing some treaty positions one could take:
http://www.aicpa.org/Publications/TaxAd ... l2014.aspx
As nelsona has stated, the forms do not lend themselves to a foreign tax credit.