☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Oct 30, 2019 8:03:05 PM

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. 

0 3 1042
3 Replies
Level 11
Oct 30, 2019 8:03:07 PM

Are there any special circumstances for the interest? IE was it as a result of an inheritance or from a business venture?

New Member
Oct 30, 2019 8:03:08 PM

Some of the funds are from an inheritance but some funds are not.  It is just basic bank interest income.

Level 15
Oct 30, 2019 8:03:09 PM

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...