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.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing