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How do I claim foreign tax credits?

by TurboTax•22• Updated 3 weeks ago

If you’ve been taxed by both Canada and the foreign country where you earned your foreign source income, you may be able to reduce the Canadian tax by claiming the federal foreign tax credit. Here's how to claim it in TurboTax.

Answer the initial Personal info interview questions if you haven't already. This unlocks 2024 tax return.

After entering your foreign income and tax amounts from your tax slips, if you still have any foreign tax paid that's not from slips and not yet entered:

  1. At 2024 tax return, under Add to your return, enter foreign and select Foreign Tax Credit.
  2. At Foreign Taxes Summary, select Enter More Foreign Tax Credits.
  3. Complete the Foreign Tax Credits form, using the section of the form for the applicable to your type(s) of income.

TurboTax automatically applies the foreign tax credit to your tax return.

  1. Enter your foreign income and tax amounts from your tax slips.
  2. If all of the your foreign tax paid was entered from slips and you have no other foreign tax paid, you’re done.
  3. However, if you have some additional foreign tax paid (not from slips), select Find, enter foreign in the search bar, select Foreign Tax Credit and select Go.
  4. Complete the foreign tax credit steps.

TurboTax automatically applies the foreign tax credit to your tax return.