On my T3, Box 34, I have a foreign non-business income tax paid amount. Can I claim a tax credit? If so, how do I do that using Turbo Tax Business Incorporated (T2)?

I can't see where I report foreign non-income tax paid (from Box 34 on T3 slip) in order to receive a tax credit. 

Answer

Hello,

I wont be able to confirm if you are able to claim a credit for this foreign income tax paid for the corporation due to not having sufficient information and not being fiscal experts.  That being said any income tax paid should be reflected on the Schedule 125 income statement and should be converted and reflected in Canadian dollars, my recommendation would be to contact the CRA tax tip line asking if there is any specific credit you are able to apply for in your situation.  the CRA number is 1-800-267-6999.

Was this answer helpful? Yes No
Default user avatars original
Employee

No answers have been posted

More Actions

People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Do you still have a question?

Ask your question to the community. Most questions get a response in about a day.

Post your question to the community