How to report foreign business income tax amount, which is not known or paid at the time of filling the Canadian tax return

I am a resident of Canada but am currently operating a consulting business as a sole proprietor in Hong Kong. I remotely serve my Hong Kong clients from my principal home in Canada. I need to file tax returns in both HK and Canada for 2023. However, Hong Kong's income tax year starts from Apr 1, 2023 to Mar 31, 2024. So I don't know exactly how much tax I need to pay when I file my Canadian tax return for 2023. My question is whether or not I can enter an approximate (or unpaid) amount of tax from my own calculation when completing the Foreign Tax Credit (T2209) under foreign business income. If not allowed, can the actual tax paid be carried forward?

1637

Intuit Alumni

Feb 16, 2024 5:06:13 AM

Yes you can include an estimate then make an adjustment at a later date. Note that April 30, 2024 is the last day to make any tax payments, therefore you have time to file your taxes in April.

Thank you for choosing TurboTax.

Level 1

Feb 18, 2024 3:23:41 PM

Got it. Thanks.

New Member

Oct 21, 2024 12:49:30 PM

HELLO.

I PURCHASE TURBO TAX EVERY YEAR, 20 RETURNS ON EACH PURCHASE

I JUST COMPLETED A TAX RETURN FOR A CLIENT, AND I THOUGHT THAT I HAD ENOUGH ROOM TO FILE THIS RETURN, HOWEVER, I HAVE REACHED MY LIMIT OF 20, SO I WOULD LIKE TO PURCHASE ANOTHER RETURN SO THAT I CAN FILE MY CLIENTS 2023 RETURN, WHICH IS NOW COMPLETED AND READY TO FILE.

CAN I PURCHASE ONE RETURN SO THAT I CAN FILE THIS RETURN?

Moderator

Oct 21, 2024 1:05:54 PM

As per the CRA: You may file up to 20 returns per computer or online account using NETFILE-certified tax software in Canada for each tax year.

Thank you for choosing TurboTax.

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How to report foreign business income tax amount, which is not known or paid at the time of filling the Canadian tax return