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
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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
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