Should I declare foreign interest & dividends under "T-slips" or "Investment Profile"? (Or both?)

There are two places under "Income & Expenses" that take the same foreign income info:

  1. T-slips > Foreign Income > Foreign Interest & Dividends; and
  2. Investment profile > Interest & Investment Income > Income from foreign sources 2018

What is the difference between the two places, how do I decide which one to enter the data? If I enter it in both, will my income get double-counted?

(I realize I may also have to declare the details in form T1135).

Thank you.


There are many factors to look at when filing your foreign income sources with the CRA.

  • Then for your interest & dividends, refer to this link for assistance - 

    Enter your foreign income, pension, and other amounts in TurboTax, even if your amounts aren’t reported on T-slips.


    Before you begin, know when to use Canadian or foreign currency

    Important: Amounts on a T-slip: If the amounts on your foreign income slip are reported in a foreign currency, convert them to Canadian dollars before you enter them. If the amount was paid at various times throughout the year, use an average annual exchange rate. (Visit the Bank of Canada’s website for daily exchange rates and the average annual exchange rate.)

    Important: Amounts not on a T-slip (such as on the Foreign slip step): For foreign non-business income that is not on a T-slip, including US social security, do not convert the amounts to Canadian dollars before you enter them. TurboTax converts the amounts automatically based on the exchange rate you enter.


    Instructions for the online and CD/download edition of TurboTax

    1. In the upper-right area of TurboTax, select Find*.

    2. In the Find window, type “T-slips.”

    3. Select T-slips from the options that appear, then select Go.

    In the online edition of TurboTax, the Income Slips step appears.

    In the CD/download edition of TurboTax, the Entering your federal T-slips step appears.

    4. Select all your slips from the list. If you have amounts not reported on a T-slip, such as foreign pension, select Foreign slip.

    5. Select Continue.

    TurboTax displays a separate entry screen for each slip you selected.

    6. Follow the instructions on each entry screen to enter the information from your slips.

    *If you can’t access the Find button, continue completing your return until the Find button becomes accessible.



    Related information


  • From the CRA – How do you report income from information slips? (at the bottom of that page, you will see a link for line 121, this will tell you what you need to know about interest & dividends)

Also, if we have a tax treaty with the country in question, because if we do, then there are other credits to take into consideration to ensure you are not being double taxed. Such as the Foreign Tax Credit.

Then the question of the T1135 - We want to know about your World Income. It boils down to whether you get a full year or is it prorated. You will not be taxed twice, as mentioned before. This can be found under the Income & Expense tab, Other Income Sources then T1135.

T1135 from TurboTax Tips:

So as mentioned above, this is not a quick process, you need to understand all tax implications to anything being reported in Foreign sources.

Apply for the FTC -in your "Find" icon at the top of the page, type in "Foreign Tax Credit" which will open the form needed to apply for this credit, if applicable.

You can claim a foreign tax credit for the taxes that you paid in the foreign country. The foreign tax credit is the lesser of two amounts:

  • The income tax you paid on the foreign country

  • The Canadian tax payable on the foreign source of income.

I hope that clarifies it a bit for you. Happy Filing!

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