topic How do I claim foreign tax credits? in Other tax topics https://turbotax.community.intuit.ca/community/foreign-income/help/how-do-i-claim-foreign-tax-credits/01/2242821#M2334 <P>Foreign tax credits help Canadians avoid double taxation on their worldwide income.&nbsp;</P> <P>You may be eligible for the federal foreign tax credit if you have business or non-business foreign income. Claim the federal foreign tax credit on <A rel="nofollow" href="https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t2209.html" target="_blank">Form T2209</A> when filing your return and keep proof of any foreign taxes paid in case the CRA requests documentation.</P> <P>Provincial or territorial foreign tax credits may also apply to your non-business income only. Complete <A rel="nofollow" href="https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t2036.html" target="_blank">Form T2036</A> for each foreign country where you earned income.</P> <P>On your return, any income earned or taxes paid must be converted to Canadian dollars. Use the <A rel="nofollow" href="https://www.bankofcanada.ca/rates/exchange/currency-converter/" target="_blank">Bank of Canada</A>’s exchange rate from the day of the transaction, or use the average annual exchange rate if you received multiple payments.</P> <DIV class="section expandable"> <H3 class="section-title"></H3> <P><STRONG>Instructions for TurboTax Online users</STRONG></P> <DIV class="section-content"> <P><EM>Before starting, fill out your personal information and build your tax profile in TurboTax to ensure optimal results. You must also report your foreign income on the applicable t-slip(s) or foreign income slip, as well as the foreign tax you paid.</EM></P> <OL> <LI>From the menu, select <STRONG>Find</STRONG> (or the magnifying glass icon).&nbsp;</LI> <LI>Type <EM>foreign tax credit </EM>in the search bar.&nbsp;</LI> <LI>Select <STRONG>Foreign Tax Credit</STRONG>, then <STRONG>Go</STRONG>.</LI> <LI>Follow the onscreen instructions to input your foreign information, income, and tax amounts.</LI> </OL> </DIV> </DIV> <DIV class="section expandable"> <H3 class="section-title"></H3> <P><STRONG>Instructions for TurboTax CD/Download users</STRONG></P> <DIV class="section-content"> <P><EM>Before starting, fill out your personal information and build your tax profile in TurboTax to ensure optimal results.</EM> <EM>You must also report your foreign income on the applicable t-slip(s) or foreign income slip, as well as the foreign tax you paid.</EM></P> <OL> <LI>From the menu, select <STRONG>Find</STRONG> (or the magnifying glass icon).&nbsp;</LI> <LI>Type <EM>foreign tax credit </EM>in the search bar.&nbsp;</LI> <LI>Select <STRONG>Foreign tax credit</STRONG>, then <STRONG>Go</STRONG>.</LI> <LI>Follow the onscreen instructions to input your foreign information, income, and tax amounts.</LI> </OL> </DIV> </DIV> <DIV class="ISH_relatedInformation"> <H2>Related Information:</H2> <UL> <LI> <A href="https://turbotax.community.intuit.ca/articles/1895105-how-do-i-report-foreign-income-foreign-pension-and-other-foreign-amounts" rel="nofollow" target="_blank">How do I report foreign income, foreign pension and other foreign amounts?</A> </LI> <LI> <A href="https://turbotax.community.intuit.ca/articles/2220181-how-do-i-enter-foreign-rental-income-in-turbotax" rel="nofollow" target="_blank">How do I enter foreign rental income in TurboTax?</A> </LI> <LI> <A href="https://turbotax.community.intuit.ca/articles/2220164-how-do-i-declare-foreign-property-in-turbotax" rel="nofollow" target="_blank">How do I declare foreign property in TurboTax?</A> </LI> </UL> </DIV> Wed, 12 May 2021 17:27:09 GMT TurboTax Support 2021-05-12T17:27:09Z How do I claim foreign tax credits? https://turbotax.community.intuit.ca/community/foreign-income/help/how-do-i-claim-foreign-tax-credits/01/2242821#M2334 Foreign tax credits help Canadians avoid double taxation on their worldwide income.&nbsp; You may be eligible for the federal foreign tax credit if you have business or non-business foreign income. Claim the federal foreign tax credit on Form T2209 when filing your return and keep proof of any foreign taxes paid in case the CRA requests documentation. Provincial or territorial foreign tax credits may also apply to your non-business income only. Complete Form T2036 for each foreign country where you earned income. On your return, any income earned or taxes paid must be converted to Canadian dollars. Use the Bank of Canada’s exchange rate from the day of the transaction, or use the average annual exchange rate if you received multiple payments. Instructions for TurboTax Online users Before starting, fill out your personal information and build your tax profile in TurboTax to ensure optimal results. From the menu, select Find (or the magnifying glass icon).&nbsp; Type foreign tax credit in the search bar.&nbsp; Select Foreign Tax Credit, then Go. Follow the onscreen instructions to input your foreign information, income, and tax amounts. Instructions for TurboTax CD/Download users Before starting, fill out your personal information and build your tax profile in TurboTax to ensure optimal result... Wed, 12 May 2021 17:27:09 GMT https://turbotax.community.intuit.ca/community/foreign-income/help/how-do-i-claim-foreign-tax-credits/01/2242821#M2334 TurboTax Support 2021-05-12T17:27:09Z
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topic How do I claim foreign tax credits? in Other tax topics
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https://turbotax.community.intuit.ca/community/foreign-income/help/how-do-i-claim-foreign-tax-credits/01/2242821#M2334
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<P>Foreign tax credits help Canadians avoid double taxation on their worldwide income.&nbsp;</P> <P>You may be eligible for the federal foreign tax credit if you have business or non-business foreign income. Claim the federal foreign tax credit on <A rel="nofollow" href="https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t2209.html" target="_blank">Form T2209</A> when filing your return and keep proof of any foreign taxes paid in case the CRA requests documentation.</P> <P>Provincial or territorial foreign tax credits may also apply to your non-business income only. Complete <A rel="nofollow" href="https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t2036.html" target="_blank">Form T2036</A> for each foreign country where you earned income.</P> <P>On your return, any income earned or taxes paid must be converted to Canadian dollars. Use the <A rel="nofollow" href="https://www.bankofcanada.ca/rates/exchange/currency-converter/" target="_blank">Bank of Canada</A>’s exchange rate from the day of the transaction, or use the average annual exchange rate if you received multiple payments.</P> <DIV class="section expandable"> <H3 class="section-title"></H3> <P><STRONG>Instructions for TurboTax Online users</STRONG></P> <DIV class="section-content"> <P><EM>Before starting, fill out your personal information and build your tax profile in TurboTax to ensure optimal results. You must also report your foreign income on the applicable t-slip(s) or foreign income slip, as well as the foreign tax you paid.</EM></P> <OL> <LI>From the menu, select <STRONG>Find</STRONG> (or the magnifying glass icon).&nbsp;</LI> <LI>Type <EM>foreign tax credit </EM>in the search bar.&nbsp;</LI> <LI>Select <STRONG>Foreign Tax Credit</STRONG>, then <STRONG>Go</STRONG>.</LI> <LI>Follow the onscreen instructions to input your foreign information, income, and tax amounts.</LI> </OL> </DIV> </DIV> <DIV class="section expandable"> <H3 class="section-title"></H3> <P><STRONG>Instructions for TurboTax CD/Download users</STRONG></P> <DIV class="section-content"> <P><EM>Before starting, fill out your personal information and build your tax profile in TurboTax to ensure optimal results.</EM> <EM>You must also report your foreign income on the applicable t-slip(s) or foreign income slip, as well as the foreign tax you paid.</EM></P> <OL> <LI>From the menu, select <STRONG>Find</STRONG> (or the magnifying glass icon).&nbsp;</LI> <LI>Type <EM>foreign tax credit </EM>in the search bar.&nbsp;</LI> <LI>Select <STRONG>Foreign tax credit</STRONG>, then <STRONG>Go</STRONG>.</LI> <LI>Follow the onscreen instructions to input your foreign information, income, and tax amounts.</LI> </OL> </DIV> </DIV> <DIV class="ISH_relatedInformation"> <H2>Related Information:</H2> <UL> <LI> <A href="https://turbotax.community.intuit.ca/articles/1895105-how-do-i-report-foreign-income-foreign-pension-and-other-foreign-amounts" rel="nofollow" target="_blank">How do I report foreign income, foreign pension and other foreign amounts?</A> </LI> <LI> <A href="https://turbotax.community.intuit.ca/articles/2220181-how-do-i-enter-foreign-rental-income-in-turbotax" rel="nofollow" target="_blank">How do I enter foreign rental income in TurboTax?</A> </LI> <LI> <A href="https://turbotax.community.intuit.ca/articles/2220164-how-do-i-declare-foreign-property-in-turbotax" rel="nofollow" target="_blank">How do I declare foreign property in TurboTax?</A> </LI> </UL> </DIV>
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Foreign tax credits help Canadians avoid double taxation on their worldwide income.&nbsp; You may be eligible for the federal foreign tax credit if you have business or non-business foreign income. Claim the federal foreign tax credit on Form T2209 when filing your return and keep proof of any foreign taxes paid in case the CRA requests documentation. Provincial or territorial foreign tax credits may also apply to your non-business income only. Complete Form T2036 for each foreign country where you earned income. On your return, any income earned or taxes paid must be converted to Canadian dollars. Use the Bank of Canada’s exchange rate from the day of the transaction, or use the average annual exchange rate if you received multiple payments. Instructions for TurboTax Online users Before starting, fill out your personal information and build your tax profile in TurboTax to ensure optimal results. From the menu, select Find (or the magnifying glass icon).&nbsp; Type foreign tax credit in the search bar.&nbsp; Select Foreign Tax Credit, then Go. Follow the onscreen instructions to input your foreign information, income, and tax amounts. Instructions for TurboTax CD/Download users Before starting, fill out your personal information and build your tax profile in TurboTax to ensure optimal result...
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