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It's complicated.


When foreign property income (other than from real property, or from a trust) has had withholding tax in excess of 15% deducted, the excess can be deducted from income on line 23200 (line 232 prior to 2019) of the personal tax return, "Other deductions", as a s. 20(11) deduction.  However, see the note below regarding the limitation re tax in excess of the treaty rate.  The excess foreign tax over 15% deducted under s. 20(11) reduces the amount of foreign non-business income which is used in the foreign tax credit calculation.  If your foreign income is reported on a T3, then it is from a trust (such as a mutual fund or ETF), so this deduction does not apply.  Personal income tax software will automatically provide the s. 20(11) deduction for income and foreign taxes reported on a T5, and will ignore any excess tax paid on a T3, as it should.


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