Canada foreign income tax credit
Moderator: Mark T Serbinski CA CPA
-
- Posts: 9
- Joined: Fri Mar 12, 2021 12:11 am
Canada foreign income tax credit
Based on my understanding, No matter how much foreign income tax you pay, as a tax payer in Canada, the maximum federal foreign tax credit is $39,462; and the maximum provincial foreign tax credit is $23,851. Is it correct? Thanks.
-
- Posts: 9
- Joined: Fri Mar 12, 2021 12:11 am
Re: Canada foreign income tax credit
Sorry, the previous post was confusing, I think my question is : is there a maximum limit for the foreign tax credit? Or up to the amount which is less between the foreign tax paid on the foreign income or the Canada tax someone should pay on the foreign income thank you
Re: Canada foreign income tax credit
The maximum credit CRA and the province will allow is the prorated amount of CRA or provincial tax you would owe on that foreign income. There is no numerical limit.
Your software will handle this.
Your software will handle this.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing