Foreign tax withheld

[ERnest Strolovirch]

Where does enter tax withheld on dividends from U.S. stocks

[Geo123]

Hello ERnest Strolovirch,

To enter the amount of income from foreign dividends (and foreign tax paid), please follow the steps below:

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  eg. IRS 1099 DIV

 *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 < - - - FOR 2023 1.3497

*Amount of foreign income received 

*Amount of foreign tax paid < - - - CONFIRM with CRA if eligible for Foreign Tax Credit   

* Carrying charges related to foreign income < - -- IF applicable