Wcao Posted April 22 Report Share Posted April 22 Hi, I got a 1042-S from the USA IRS. I am not a US resident. It's a very small amount from a dividend and I'm trying to claim it. (attached) I used foreign income - Dividend and completed the following. Exemption code 15 is Chapter 4 - 15 Payee not subject to chapter 4 withholding For the income exempted under a tax treaty, what would I enter? (57.32 or 17.20?) Quote Link to comment Share on other sites More sharing options...
Geo123 Posted April 22 Report Share Posted April 22 Hello Wcao, *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. [United States (tax treaty with Canada)] *Description of the source of the foreign income [1099-DIV or 1042-S] If you are entering amounts in Canadian dollars, enter 1 for the exchange rate. The average exchange rate for $US was 1.3497 in 2023. See the Bank of Canada's website (www.bankofcanada.ca) for other exchange rates. *Exchange rate to apply [1.3497] *Amount of foreign income received $amount *Amount of foreign tax paid <- - - - please verify with CRA if eligible Quote Link to comment Share on other sites More sharing options...
Wcao Posted April 23 Author Report Share Posted April 23 For people also with a 1042-s Just called CRA (waited 2 hours...) so not worth that credit... For Dividend under the treaty, the tax is 15% unless you own 10% of the voting shares. anything above and beyond will be a credit. In my case. .15% * 57.32 = 8.60. 17.20 - 8.60 = 8.60 Quote Link to comment Share on other sites More sharing options...
Geo123 Posted April 23 Report Share Posted April 23 Hello Wcao, Thanks for the update. Quote Link to comment Share on other sites More sharing options...
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