Hi, just a quick question please.
If I file my us taxes before Canadian ones and I pay tax in the US for rental properties there (since it’s income in the US), can I simply deduct this tax on my Canadian taxes when declaring the foreign income (in T776)? Or what’s the process?
Thanks
Foreign tax credit
Moderator: Mark T Serbinski CA CPA
Re: Foreign tax credit
No. You need to report the income and expenses, but not the income taxes on your net rental income.
Then you use the US tax as a credit on the foreign tax credit lines of your CDn return.
Then you use the US tax as a credit on the foreign tax credit lines of your CDn return.
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