Hello - will the CRA accept an FTC from the US when the tax liability is eliminated by way of the U.S. child tax credit? I can see both arguments - no foreign taxes were actually paid vs. there were taxes owing but they were "paid" by way of a credit.
Thanks!
FTC from 1040 with child credit
Moderator: Mark T Serbinski CA CPA
Re: FTC from 1040 with child credit
No. the chiid tax credit reduces your eligible foreign tax.
The stimulus payments you receive do NOT reduce your US tax as they are considered a PAYMENT.
The stimulus payments you receive do NOT reduce your US tax as they are considered a PAYMENT.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best