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Foreign Income Reporting
I have a salaried position in the UK but live full time in Canada. I just want to confirm I am entering my foreign income correctly. For example, after converting from GBP to CDN my yearly salary was 50000 CDN. The UK tax authority then took their share of tax (6000 CDN) and National Insurance (4000 CDN). Would I then report my foreign income as the full 50000 CDN or 40000 CDN which is what I was left with after the UK deductions? My assumption is that I report the full 50000 CDN and under foreign taxes paid I report the 6000 CDN which is then available for the foreign tax credit. Thanks in advance for your help.
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October 30, 2019
5:16 AM
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Investors and rental owners
Yes, report your full income, and then report the taxes paid under the foreign taxed paid.
October 30, 2019
5:16 AM