I just paid US federal taxes on rental property for 2020. On my Canadian return I have recorded the rental income as per turbotax premier into form T776. using my Canadian postal code and province. How do I report the US taxes paid and claim the foreign tax credit. Please provide step by step details.
Foreign Tax Credit
1. Select Find in the top right hand corner
2. Type "foreign" and select Foreign Tax Credit
3. Select Yes to the Foreign Taxes page.
4. Enter the country your foreign property is located
5. In the section “Foreign real property income:”, enter the gross rental income amount, related expenses and the amount of foreign taxes you paid.
NOTE: The amount of income entered on the Foreign Tax Credit form will not add additional income to your return. It is needed, however, to properly calculate the foreign tax credit for the country you specified.
T1135
1. Using the navigate menu up top, select Income > Other Income Sources > T1135
2. Follow the prompts on the screen.
NOTE: The T1135 is information reporting only. We recommend choosing the simplified method if your assets are over $100K but under $250K.
Again, you will need to enter the income corresponding to each of your foreign property. Income entered on the T1135 will not affect your income tax return.
Lastly, the T1135 needs to be filed separately from your income tax return. When you are ready to file, you will see an additional button to file your T1135 using CRA’s NETFILE service.
You can also use following link :
How do I enter foreign rental income in TurboTax?
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