We are Canadian residents who file individually in Canada and jointly in US. Can the Alternative Minimum Tax from the US return be taken as a Foreign Tax Credit in Canada?
If so, how do we do this?
Pete
US Alt Min Tax Deductibility in Canada
Moderator: Mark T Serbinski CA CPA
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Peter G Hamilton
- Posts: 10
- Joined: Thu Oct 28, 2004 7:59 pm
What US source income are you including on your Cdn tax return?
If none, you can't claim any foreign tax creit, whether its AMT or otherwise.
If none, you can't claim any foreign tax creit, whether its AMT or otherwise.
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
If you are reporting US income, then the AMT is merely tax like any other, so if you reported $100,000 on your US return (not including any exempted income from 2555 and SS/CPP, etc), of which $20,000 was US-sourced, the 20% of your total tax liability (line 56 of 1040) would be eligible for credit.
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