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Investors and rental owners
Firstly you must determine your residency status for taxation purposes when reporting ANY foreign sourced income to the CRA. See the following to guide you through your foreign sourced income entries in TurboTax.
- Residency status must be established firstly, here https://turbotax.community.intuit.ca/replies/2647682
- From TurboTax - How do I report foreign income, foreign pension and other foreign amounts? https://turbotax.community.intuit.ca/replies/2647976
- From the CRA – How do you report income from information slips https://bit.ly/2CDrXrz
If Canada has a tax treaty with this country, you will avoid double taxation. So you can apply for a Foreign Tax Credit
- CRA Tax Treaty Country List - https://bit.ly/2FxW7wW
Apply for the FTC -in your "Find" icon at the top of the page, type in "Foreign Tax Credit" which will open the form needed to apply for this credit, if applicable.
You can claim a foreign tax credit for the taxes that you paid in the foreign country. The foreign tax credit is the lesser of two amounts:
- The income tax you paid on the foreign country
- The Canadian tax payable on the foreign source of income.
Please note: If this is your first time filing, a tax return; as per the CRA, you will have print and mail in your tax return to them.