Hi.
It is not from investment expenses to earn property income. None such were reported anywhere in my return.
In the "Other Deductions - line 23200" the Turbotax Return states that the amount comes from "Foreign tax deduction under subsection 20(12).
The only place in my return that records foreign tax paid on investments is in the T3s and T5s.
However, the tax reported to have been paid in these forms does not match what Turbotax reports as the Foreign tax deduction - so there must be some formula applied by Turbotax to the T3/T5 taxes paid to calculate the deduction amount. This calculation is what I need to understand.
Hi.
See my earlier reply just posted.
Your return is likely different to mine, but in my case the number is stated by Turbotax as a Foreign tax deduction under subsection 20(12)
The only place in my return where foreign taxes paid are reported is in my T3/T5s.
The trick is, however, to understand how the deduction reported by Turbotax for Foreign tax paid is calculated as it does not match the numbers in my T3/T5s. There has to be a formula applied.... presumably Turbotax uses a CRA supplied formula in its program which spits out the deduction number.
Ok perfect. That was kind of what we figured out with the turbo tax online support. Its wierd how they calculate this number and don't just ask for it off your T5 as i did find the foreign tax paid on my T5 but it was a few cents different than the calculated number on my return. It should have a box number for this in my opinion save alot of head ache.
Can you please clarify if you claimed anything in the following list:
This is from the Cumulative Net Investment Loss form CNIL
Thank you for choosing TurboTax.
i beleieve it fell under the foreign non business tax under subsection 20(11)
Hi.
Thanks for your continuing interest in this matter.
Turbotax has the deduction labelled under 'Other Deductions" as "Foreign tax deduction under subsection 20(12)".
See my earlier explanation of it. As I stated, the only place where foreign tax payments are reported in my return is in the T3/T5s.
Thank you for the feedback on this- I will reach out to the appropriate team to see what our next step is.
I will get back to you as soon as possible.
Thank you for choosing TurboTax.
On my return it appears to be related to foreign income on my T5. When I delete the T5 that has foreign income the amount goes away. Problem is the amount on the line does not match anything on the slips. I need to know how the amount is calculated.
I have the same issue.
If you are still needing guidance to this please contact phone support and if they need to, they can start an investigation for you and have someone contact you directly.
Thank you for choosing TurboTax.
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