topic Federal foreign tax credits. in Investors and rental owners https://turbotax.community.intuit.ca/community/investments-rentals/discussion/federal-foreign-tax-credits/01/930510#M5069 <P>Foreign taxes for pension, US interest, US capital gains (personal use property) was $5600 to be paid.&nbsp; Would this be the number I put on line 1 of T2209 - non business income tax paid to a foreign country?&nbsp; Or does it have to be broken down somehow depending on the type of income being taxed??<BR /></P><P>I also read somewhere that non business foreign taxes not recovered as a tax credit can be deducted from line 232 on the T1.&nbsp; I remember it also said that anything in box 20(11) and 20 (12) can also be claimed on this line.&nbsp; Do you have any knowledge of this?<BR /></P> Thu, 31 Oct 2019 02:49:30 GMT mrwa11eye1 2019-10-31T02:49:30Z Federal foreign tax credits. https://turbotax.community.intuit.ca/community/investments-rentals/discussion/federal-foreign-tax-credits/01/930510#M5069 <P>Foreign taxes for pension, US interest, US capital gains (personal use property) was $5600 to be paid.&nbsp; Would this be the number I put on line 1 of T2209 - non business income tax paid to a foreign country?&nbsp; Or does it have to be broken down somehow depending on the type of income being taxed??<BR /></P><P>I also read somewhere that non business foreign taxes not recovered as a tax credit can be deducted from line 232 on the T1.&nbsp; I remember it also said that anything in box 20(11) and 20 (12) can also be claimed on this line.&nbsp; Do you have any knowledge of this?<BR /></P> Thu, 31 Oct 2019 02:49:30 GMT https://turbotax.community.intuit.ca/community/investments-rentals/discussion/federal-foreign-tax-credits/01/930510#M5069 mrwa11eye1 2019-10-31T02:49:30Z Pension, interest, and capital gains, these are all separ... https://turbotax.community.intuit.ca/community/investments-rentals/discussion/pension-interest-and-capital-gains-these-are-all-separ/01/930511#M5070 <P>Pension, interest, and capital gains, these are all separate entities. You may have Tslips for these as well and if that is the case, you will find them under the Income tab - Tslips.&nbsp;</P><P>If your personal use property in the US is valued at over $100,000, you will need to fill out a T1135 form which can be found in the Income tab drop down to Other Income Sources and you will see the T1135.</P><P>You may be eligible for a tax credit and the software is designed to calculate and optimize any credits or deductions that need to be made, but only if you are correctly entering the amounts.</P><P>Below, is a link that will help you understand your foreign sources reporting so you are correctly compensated.</P><P> <B>How do I report foreign income, pension, and other foreign amounts?</B> </P><P> <A rel="nofollow" href="https://turbotax.community.intuit.ca/replies/2647976" target="_blank">https://turbotax.community.intuit.ca/replies/2647976</A> </P><P>For more information from TurboTax Tips :&nbsp;</P><P> <B>Using the United States-Canada Income Tax Treaty to Reduce Double Taxation</B> </P><P> <A rel="nofollow" href="https://turbotax.intuit.ca/tips/using-the-united-states-canada-income-tax-treaty-to-reduce-double-taxation-6229" target="_blank">https://turbotax.intuit.ca/tips/using-the-united-states-canada-income-tax-treaty-to-reduce-double-taxation-6229</A> </P> Thu, 31 Oct 2019 02:49:32 GMT https://turbotax.community.intuit.ca/community/investments-rentals/discussion/pension-interest-and-capital-gains-these-are-all-separ/01/930511#M5070 TurboTaxLise 2019-10-31T02:49:32Z Thanks .. Taxes were deducted on the pension, not on the... https://turbotax.community.intuit.ca/community/investments-rentals/discussion/thanks-taxes-were-deducted-on-the-pension-not-on-the/01/930512#M5071 Thanks .. Taxes were deducted on the pension, not on the interest income or the sale of the home.&nbsp;&nbsp;I do my US return and end up with a US tax bill of $5600.&nbsp;&nbsp;What I was asking was .. how do I report to get credit for these taxes.&nbsp;&nbsp;Would the $5600 be the number I put on line 1 of T2209 - non business income tax paid to a foreign country? and then figure out the credit from there?<BR /><BR />I don't believe T1135 needs to be filled in for personal use property. Thu, 31 Oct 2019 02:49:33 GMT https://turbotax.community.intuit.ca/community/investments-rentals/discussion/thanks-taxes-were-deducted-on-the-pension-not-on-the/01/930512#M5071 mrwa11eye1 2019-10-31T02:49:33Z @mrwa11eye  - In the find icon at the top right of your s... https://turbotax.community.intuit.ca/community/investments-rentals/discussion/mrwa11eye-in-the-find-icon-at-the-top-right-of-your-s/01/930513#M5072 <A href="https://turbotax.community.intuit.ca/users/7d6ec44e-8301-4f92-99cd-f7a9975e1d02" rel="nofollow" target="_blank">@mrwa11eye</A>&nbsp;&nbsp;- In the find icon at the top right of your screen once in your tax return, type in "foreign tax credit" the form will come up. Thu, 31 Oct 2019 02:49:34 GMT https://turbotax.community.intuit.ca/community/investments-rentals/discussion/mrwa11eye-in-the-find-icon-at-the-top-right-of-your-s/01/930513#M5072 TurboTaxLise 2019-10-31T02:49:34Z Thanks, so I would need to prorate the taxes for each T5... https://turbotax.community.intuit.ca/community/investments-rentals/discussion/thanks-so-i-would-need-to-prorate-the-taxes-for-each-t5/01/930514#M5073 Thanks, so I would need to prorate the taxes for each T5 slip ... ? for foreign source income.&nbsp;&nbsp;There were taxes witheld on the foreign pension ... should I enter the taxes withheld or the taxes actually on that income since I am prorating everything out?<BR /> Thu, 31 Oct 2019 02:49:36 GMT https://turbotax.community.intuit.ca/community/investments-rentals/discussion/thanks-so-i-would-need-to-prorate-the-taxes-for-each-t5/01/930514#M5073 mrwa11eye1 2019-10-31T02:49:36Z You must report the actual taxes paid on that income. Be... https://turbotax.community.intuit.ca/community/investments-rentals/discussion/you-must-report-the-actual-taxes-paid-on-that-income-be/01/930515#M5074 You must report the actual taxes paid on that income.<BR /><BR />Below is a link from TurboTax Tips for more information: ( I will add this to the original answer as well)<BR /><BR />Using the United States-Canada Income Tax Treaty to Reduce Double Taxation<BR /><A rel="nofollow" target="_blank" href="https://turbotax.intuit.ca/tips/using-the-united-states-canada-income-tax-treaty-to-reduce-double-taxation-6229">https://turbotax.intuit.ca/tips/using-the-united-states-canada-income-tax-treaty-to-reduce-double-taxation-6229</A><BR /><BR />Also, ensure that all amounts claimed are in CDN$ based on the exchange rate at the time it was paid. Thu, 31 Oct 2019 02:49:37 GMT https://turbotax.community.intuit.ca/community/investments-rentals/discussion/you-must-report-the-actual-taxes-paid-on-that-income-be/01/930515#M5074 TurboTaxLise 2019-10-31T02:49:37Z
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topic Federal foreign tax credits. in Investors and rental owners
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https://turbotax.community.intuit.ca/community/investments-rentals/discussion/federal-foreign-tax-credits/01/930510#M5069
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<P>Foreign taxes for pension, US interest, US capital gains (personal use property) was $5600 to be paid.&nbsp; Would this be the number I put on line 1 of T2209 - non business income tax paid to a foreign country?&nbsp; Or does it have to be broken down somehow depending on the type of income being taxed??<BR /></P><P>I also read somewhere that non business foreign taxes not recovered as a tax credit can be deducted from line 232 on the T1.&nbsp; I remember it also said that anything in box 20(11) and 20 (12) can also be claimed on this line.&nbsp; Do you have any knowledge of this?<BR /></P>
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https://turbotax.community.intuit.ca/community/investments-rentals/discussion/federal-foreign-tax-credits/01/930510#M5069
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<P>Foreign taxes for pension, US interest, US capital gains (personal use property) was $5600 to be paid.&nbsp; Would this be the number I put on line 1 of T2209 - non business income tax paid to a foreign country?&nbsp; Or does it have to be broken down somehow depending on the type of income being taxed??<BR /></P><P>I also read somewhere that non business foreign taxes not recovered as a tax credit can be deducted from line 232 on the T1.&nbsp; I remember it also said that anything in box 20(11) and 20 (12) can also be claimed on this line.&nbsp; Do you have any knowledge of this?<BR /></P>
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Pension, interest, and capital gains, these are all separ...
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https://turbotax.community.intuit.ca/community/investments-rentals/discussion/pension-interest-and-capital-gains-these-are-all-separ/01/930511#M5070
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<P>Pension, interest, and capital gains, these are all separate entities. You may have Tslips for these as well and if that is the case, you will find them under the Income tab - Tslips.&nbsp;</P><P>If your personal use property in the US is valued at over $100,000, you will need to fill out a T1135 form which can be found in the Income tab drop down to Other Income Sources and you will see the T1135.</P><P>You may be eligible for a tax credit and the software is designed to calculate and optimize any credits or deductions that need to be made, but only if you are correctly entering the amounts.</P><P>Below, is a link that will help you understand your foreign sources reporting so you are correctly compensated.</P><P> <B>How do I report foreign income, pension, and other foreign amounts?</B> </P><P> <A rel="nofollow" href="https://turbotax.community.intuit.ca/replies/2647976" target="_blank">https://turbotax.community.intuit.ca/replies/2647976</A> </P><P>For more information from TurboTax Tips :&nbsp;</P><P> <B>Using the United States-Canada Income Tax Treaty to Reduce Double Taxation</B> </P><P> <A rel="nofollow" href="https://turbotax.intuit.ca/tips/using-the-united-states-canada-income-tax-treaty-to-reduce-double-taxation-6229" target="_blank">https://turbotax.intuit.ca/tips/using-the-united-states-canada-income-tax-treaty-to-reduce-double-taxation-6229</A> </P>
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Thanks .. Taxes were deducted on the pension, not on the...
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https://turbotax.community.intuit.ca/community/investments-rentals/discussion/thanks-taxes-were-deducted-on-the-pension-not-on-the/01/930512#M5071
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Thanks .. Taxes were deducted on the pension, not on the interest income or the sale of the home.&nbsp;&nbsp;I do my US return and end up with a US tax bill of $5600.&nbsp;&nbsp;What I was asking was .. how do I report to get credit for these taxes.&nbsp;&nbsp;Would the $5600 be the number I put on line 1 of T2209 - non business income tax paid to a foreign country? and then figure out the credit from there?<BR /><BR />I don't believe T1135 needs to be filled in for personal use property.
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<dc:date>2019-10-31T02:49:33Z</dc:date>
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@mrwa11eye  - In the find icon at the top right of your s...
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https://turbotax.community.intuit.ca/community/investments-rentals/discussion/mrwa11eye-in-the-find-icon-at-the-top-right-of-your-s/01/930513#M5072
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<A href="https://turbotax.community.intuit.ca/users/7d6ec44e-8301-4f92-99cd-f7a9975e1d02" rel="nofollow" target="_blank">@mrwa11eye</A>&nbsp;&nbsp;- In the find icon at the top right of your screen once in your tax return, type in "foreign tax credit" the form will come up.
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Thanks, so I would need to prorate the taxes for each T5...
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https://turbotax.community.intuit.ca/community/investments-rentals/discussion/thanks-so-i-would-need-to-prorate-the-taxes-for-each-t5/01/930514#M5073
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Thanks, so I would need to prorate the taxes for each T5 slip ... ? for foreign source income.&nbsp;&nbsp;There were taxes witheld on the foreign pension ... should I enter the taxes withheld or the taxes actually on that income since I am prorating everything out?<BR />
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You must report the actual taxes paid on that income. Be...
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https://turbotax.community.intuit.ca/community/investments-rentals/discussion/you-must-report-the-actual-taxes-paid-on-that-income-be/01/930515#M5074
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You must report the actual taxes paid on that income.<BR /><BR />Below is a link from TurboTax Tips for more information: ( I will add this to the original answer as well)<BR /><BR />Using the United States-Canada Income Tax Treaty to Reduce Double Taxation<BR /><A rel="nofollow" target="_blank" href="https://turbotax.intuit.ca/tips/using-the-united-states-canada-income-tax-treaty-to-reduce-double-taxation-6229">https://turbotax.intuit.ca/tips/using-the-united-states-canada-income-tax-treaty-to-reduce-double-taxation-6229</A><BR /><BR />Also, ensure that all amounts claimed are in CDN$ based on the exchange rate at the time it was paid.
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