Scenario:
Spouse A withdraws $50k from RRSP, US taxable amount $20k. CAN withholding @25%
Spouse B withdraws $30k from RPP, US taxable amount $20k. CAN withholding @15%
Assuming they are filing jointly in US, can the excess foreign tax credits from Spouse A's RRSP withdrawal be used to offset US tax for Spouse B's RPP withdrawal?
US Foreign Tax Credit Applied to Spouse's RPP Withdrawal
Moderator: Mark T Serbinski CA CPA
Re: US Foreign Tax Credit Applied to Spouse's RPP Withdrawal
Typo: Spouse B's RPP withdrawal US taxable amount is $30k, not $20k.
Re: US Foreign Tax Credit Applied to Spouse's RPP Withdrawal
If you file a joint return, you can claim the credit based on the total of any foreign income tax paid or accrued by you and your spouse.
https://www.irs.gov/individuals/interna ... tax-credit
https://www.irs.gov/individuals/interna ... tax-credit