Tax credit

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

Post Reply
TN Holder
Posts: 32
Joined: Wed Nov 09, 2005 1:57 pm

Tax credit

Post by TN Holder »

Hi,

Which boxes on W2 and/or 1040 should be used as tax credit when filing taxes for Canada. (TN1 working in US)

Thanks
Top
Mark T Serbinski CA CPA
Site Admin
Posts: 611
Joined: Tue Oct 26, 2004 8:05 pm
Contact:
Contact Mark T Serbinski CA CPA

Post by Mark T Serbinski CA CPA »

The tax liability as calculated on your return, plus social security taxes are used for the credit.
Mark
Top
TN Holder
Posts: 32
Joined: Wed Nov 09, 2005 1:57 pm

Post by TN Holder »

Thanks Mark,

In my straight forward situation, this means I can claim a little tax credit.
Approximately I should pay back CRA $13,000 :evil: :shock:

Who said the income tax difference between US and CAnada is not much? :?:
Top
Post Reply

Return to “Canada / United States Tax & Accounting”