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    mrwa11eye1
    New Member

    USA Foreign Interest and the FTC credit

    Can  you confirm something for me ... is it true..

    You cannot get credit (FTC) for taxes paid on USA bank interest income.  I would have to apply for the credit on the USA side. 

    posted
    ‎October 30, 2019 8:03 PM
    last updated ‎October 30, 2019 8:03 PM
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    3 Replies
    TurboTaxJennifer
    Level 11

    USA Foreign Interest and the FTC credit

    Are there any special circumstances for the interest? IE was it as a result of an inheritance or from a business venture?
    ‎October 30, 2019 8:03 PM
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    1,019
    mrwa11eye1
    New Member

    USA Foreign Interest and the FTC credit

    Some of the funds are from an inheritance but some funds are not.  It is just basic bank interest income.
    ‎October 30, 2019 8:03 PM
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    1,019
    TurboTaxKim
    Level 15

    USA Foreign Interest and the FTC credit

    We've found no information that says you "cannot" claim the FTC on Interest Income. (The only thing we did come across is Foreign dividends do not qualify for the dividend tax credit).

    This link from CRA explains it quite well.

    https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-re...

    ‎October 30, 2019 8:03 PM
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