US dividend income

[PeteH]

Hi,

Was wondering if we should be reporting the gross US dividend received or the net withholding tax amount ? 

And if we are reporting the net amount, is there a way to partially claim the withholding taxes paid ? 

Thanks,

[Geo123]

Hello PeteH,

1. On the "Left side menu on the Interview tab" select "Interview setup".

2. On the page that appears on the right, go to the "Investment income and expenses" group, check the box "Foreign income and foreign property (T1135)" and click on "Next" at the bottom of the page.

3- Return to the "Left side menu on the Interview tab" and select "Foreign income and property".

4- On the right-hand side, select "Income from foreign dividends".

5- Fill out the page accordingly. 

 *Country from where you received the foreign income

If the country signed a tax treaty with Canada, a deduction under 20(11) will not be allowed.

 *Description of the source of the foreign income

 *If you are entering amounts in Canadian dollars, enter 1 for the exchange rate. See the Bank of Canada's website (www.bankofcanada.ca) for exchange rates.

*Exchange rate to apply

*Amount of foreign income received  < - - - ENTER GROSS AMOUNT

*Amount of foreign tax paid < - - - WITHHOLDING TAX