FTC from 1040 with child credit

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kjtpptt
Posts: 11
Joined: Tue Jan 26, 2016 3:40 pm

FTC from 1040 with child credit

Post by kjtpptt »

Hello - will the CRA accept an FTC from the US when the tax liability is eliminated by way of the U.S. child tax credit? I can see both arguments - no foreign taxes were actually paid vs. there were taxes owing but they were "paid" by way of a credit.
Thanks!
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: FTC from 1040 with child credit

Post by nelsona »

No. the chiid tax credit reduces your eligible foreign tax.

The stimulus payments you receive do NOT reduce your US tax as they are considered a PAYMENT.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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