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Anonymous
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Home Depot employee stock purchased by Canada employee and received U.S. Form 1042-S for reporting

I purchased stock from my employer Home Depot in Canada and received US income tax Form 1042-S.  I am not sure what to do with the tax form.  What line(s) in my 2019 Canada income tax return is U.S. Form 1042-S reported?

eg.

box

1 income code  06

2 gross income 2.00

3a Exemption code 00

3b Tax rate  15.00

4a Exemption code 15

4b Tax rate 0.00

13f  Ch. 3 status code 16

13g Ch 4 status code 23

1 Reply

Home Depot employee stock purchased by Canada employee and received U.S. Form 1042-S for reporting

Hi, thank you for using Intuit TurboTax Community

Looks like you received dividends from your stock. Residents of Canada must report their world wide income which would include dividends from a US corporation. The gross amount of foreign dividends are reported on line 12100 of the T1; line 12000 is only for Canadian sourced dividends as would be reported on a Canadian slip such as a T5. Any tax withheld on foreign dividends may be eligible for a foreign tax credit

Hope this helps