Sangwone
Returning Member

Foreign tax credit

I was wondering how foreign tax credit actually works. For example if I paid $100,000 dollars in tax in foreign country and my Canadian tax payable on foreign income is $100,000. Does it mean I can get foreign tax credit for the $100,000 whole amount or the 15% of $100,000?

‎May 19, 2025 5:02 PM
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TurboTaxSusan
Moderator
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Credits and deductions

You can see the calculations that go into the foreign tax credit on the T2209 Federal Foreign Tax Credits form: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t2209.html

 

‎May 20, 2025 11:34 AM
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