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New Member
posted Oct 30, 2019 11:46:31 PM

I have paid foreign tax (US dividend withholding tax) in Box 16 on my T5. How is this tax calculated in my tax return?

I have paid foreign tax in Box 16 (Tax withholding from my US dividends) in my T5 (Statement of Investment Income).  How is this foreign tax calculated into my Canadian tax return as I do not see any link? 

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3 Replies
Level 13
Oct 30, 2019 11:46:33 PM

T5 - box 16 calculations - This amount is transferred to Form FTC and is used to calculate your foreign tax credit.

New Member
Oct 30, 2019 11:46:34 PM

I saw the calculated amount in T2209 and also in Ontario Provincial FTC.  But NO amount shown in T1 General line 232.  Help!

Level 13
Oct 30, 2019 11:46:36 PM

@estella - the amount in line 232 is only included if the allowable amounts are not deducted anywhere else on the return. You have correctly applied it. No worries!