hello, I want to declare foreign tax income from the US in my Canadian turbotax and would like to know what exactly should I declare as foreign income tax paid from my W2. Should it be federal, state, social security, and medicare? and should I declare my gross or net income? Thanks,
As per the Canada Revenue Agency- Foreign employment income is income earned outside Canada from a foreign employer.
Report your foreign employment income in Canadian dollars. In general, the foreign currency amount should be converted using the Bank of Canada exchange rate in effect on the day it arises. If the amount on your United States W-2 slip has been reduced by contributions to a 401(k), 457, or 403(b) plan, US Medicare and Federal Insurance Contributions Act (FICA), you must add these contributions to your foreign employment income on line 10400 of your Canadian return. These contributions may be deductible. See line 20700.
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