topic Re: Foreign tax credit in Credits and deductions

Foreign tax credit

Sangwone — Tue, 20 May 2025 00:02:54 GMT

I was wondering how foreign tax credit actually works. For example if I paid $100,000 dollars in tax in foreign country and my Canadian tax payable on foreign income is $100,000. Does it mean I can get foreign tax credit for the $100,000 whole amount or the 15% of $100,000?

Re: Foreign tax credit

TurboTax_Susan — Tue, 20 May 2025 18:34:03 GMT

You can see the calculations that go into the foreign tax credit on the T2209 Federal Foreign Tax Credits form: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t2209.html