Foreign Tax Credit
Moderator: Mark T Serbinski CA CPA
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Foreign Tax Credit
By Form 2555, I excluded my 2007 earned income AND by Form 1116 I took a credit for taxes paid out on my RRSP withdrawal and Unemployment compensation. If, on filing my Canadian taxes, I still end up owing, can I also claim that as a credit on my U.S. taxes and, if so, where would this be reflected.
What do you mean 'owing' canada has fist crack at your Cdn income, you will pay full tax to canada on this.
If it turns out to be more than you can use on your US taxes, or if by 1116 if you have leftover, there is nothing to be domne but to carry it forward to another year.
You really only should be determining your 1116 after you have done your Cdn tax return. Then you used the 'accrual' method on 1116 to calculate your credit.
If it turns out to be more than you can use on your US taxes, or if by 1116 if you have leftover, there is nothing to be domne but to carry it forward to another year.
You really only should be determining your 1116 after you have done your Cdn tax return. Then you used the 'accrual' method on 1116 to calculate your credit.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing 