I received a T5 which summarizes foreign investments from 8 countries including Canada and the USA. They converted all the currencies to $USD (the investing account currency) and then to $CAD to report the interest income, dividend income and taxes paid. Some of the tax is withholding and some is non-resident tax. They provided a breakdown of these by security and country. From what I can find, the Turbo Tax Foreign Tax Credits form only allows 3 entries (I have the same issue with the T-1135 limit of 3 entries - still not fixed after 3 years of requests). Is there a way around the 3-country limit to claim foreign tax credits in Turbo Tax?
Thank-you for answering quickly. I understood that the tax treaties with different countries, or lack thereof, may affect how much is allowed. Or are they all treated the same? From what I can find, Canada has a treaty on the treatment of withholding dividend taxes with all the countries in this case. How does entering the tax credits form affect the calculations done by TurboTax for that T5? It appears to assume it's all USA tax and claims the credit as such.
The TurboTax software doesn't adjust for any tax treaty other than for the US. But, if you go to the Federal Tax Credit Worksheet, it allows you to enter amounts to adjust what is being claimed. Ex: Tax treaty exempt amount.
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