This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.
Dual citizen living in Can, receiving dividends from US stocks - there is a 15% withholding tax on these dividends. Does Can transfer this tax to the IRS and then I can claim it on my US return, or do I claim it as FTC on my Canadian return?
This is tax remitted to IRS. On your Cdn tax, you use it as part of the US tax you claim as foreign tax credit. On your US return it is part of the tax remiteed to IRS that you count as a "payment".
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Thanks nelsona, I should notify my brokerage RE my US citizenship; it is an account I have had for 20+ years and I have never been asked if I was a USC. It is only
from reading your advice that I have become aware of the possibility or requirement(?) for this notification.