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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. 

3 Replies

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?

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.

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...