To understand why that balance is so high, we should check if Form T2209 has been triggered. Even if you reported the Spanish income, the software doesn't always automatically 'link' the tax you paid in Spain unless a specific section is completed.

Could you check two things for me?

In your Federal Tax Summary, do you see an amount listed on Line 40500 (Foreign Tax Credit)?

Did you navigate to the specific 'Foreign Tax Credit' step in the interview?

And just to confirm, did you convert the tax paid from Euros to Canadian Dollars before entering it? If the conversion wasn't done, the credit might be much lower than it should be.