Carry Forward of Canadian Non-business Foreign Tax Credits

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
WiseGuy
Posts: 20
Joined: Sat Jun 18, 2005 12:17 pm

Carry Forward of Canadian Non-business Foreign Tax Credits

Post by WiseGuy » Sun Sep 10, 2006 11:58 am

Hello!

On Form T2209 - Federal Foreign Tax Credits it appears that you can carryforward or carryback unused foreign "Business Income" tax credits, but is it also possible to carryforward/back unused "Non-business" foreign tax credits?

The only carryforward/back provision I see is in the "Foreign Business Income" section of T2209 where is states to enter: "Business income tax paid to a foreign country plus any unused foreign tax credits for that country for the seven tax years before and the three tax years immediately after this year".

If your Foreign Business Income was nil can you still use this section to carry forward/back the unused portion of the "Non-business" foreign tax credit or is there another way?

Thanks.

nelsona
Posts: 16510
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona » Sun Sep 10, 2006 2:54 pm

is it also possible to carryforward/back unused "Non-business" foreign tax credits?
No. For personal income, the foreign credit is curent year only.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

Post Reply