T3 /T5 reporting to IRS

[jawahar]

As a dual National of US and Canada and currently living in Canada how do I report the T3 and T5 information on the IRS Tax forms.
I know that it should be reported a Passive Income in Form 1116.
My question is how are the Ordinary and Qualified dividends are reported and the tax paid (In Canada) on such dividends reported.

What are the equivalent IRS category for : eligible dividends and other than eligible dividends is it equivalent to Ordinary and Qualified dividends.
Any help is appreciated a working example would be very helpful.

[FunTopic]

It depends.

Assuming a Canadian corp is paying stuff out (via T5/T3) then they wouldn't receive US Qualified status, as the payor corp isn't a US corporation.

Side-note: Watch your T3's. Chance that there is a PFIC risk. (Assuming Canadian ETF/Mutual Fund is paying out the T3.)

[ND]

unless Cdn co is a qualifying foreign company
https://www.law.cornell.edu/definitions ... :section:1

[koshermedia]

As a dual resident of the United States and Canada (meaning you own a home in both countries), you will most likely file both Canadian and US tax returns, potentially resulting in double taxation.