Foreign tax credit show zero on line 40500

Here are three possible reasons why your foreign tax credit might be $0:

1. You haven’t entered your foreign tax paid yet.
2. You don’t have any federal tax payable and therefore don’t have any amount that can be credited. Your federal foreign tax credit is limited by your basic federal tax (line 429000 on the T1 general).
3. The amounts you have entered aren’t high enough.

For more information on foreign income, please see the following TurboTax Articles:

Foreign Income and Tax Treaties

The Federal Foreign Tax Credit

 

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