Calculating 1116 for Cdn Source Passive Income

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William
Posts: 16
Joined: Tue Apr 03, 2007 11:16 pm

Calculating 1116 for Cdn Source Passive Income

Post by William »

I'm a US citizen residing in Canada. My Canadian source passive income has recently gotten high enough that I need to use form 1116. I do my Canadian taxes with UFile and know the percent of taxable income I paid in taxes. As for passive income from Canadian sources, I know I pay tax on 100% of my interest income and I believe I pay tax on 50% of my capital gains. I am confused as to how to determine what portion of my Canadian dividends are taxed. I get lost trying to follow the logic of Canada's dividend tax credit for qualified dividends. Can anyone give me a tip on how they calculate their Cdn dividends for 1116? I'm also not sure how to determine taxes paid on income that is categorized as "Other" on my T3 slips. I assume that, once I know the totals for each, I simply multiply each by the percent taxes I paid. Thanks.
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