The Canadian Frustrations When Claiming Foreign Tax Credits

0 Views· 07/24/23
TaxBreaks
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In our firm’s latest podcast,  Kenneth Keung and Kim G C Moody discuss the frustrations that Canadian individual taxpayers experience when claiming foreign tax credits.  Specifically, Kenneth and Kim discuss: What are foreign tax credits?  What’s the purpose of them and what are some of the high level eligibility requirements. Using a US citizen resident in Canada as an example, what are some of the common administrative issues that are experienced by such a person in order to claim US taxes paid on their US sourced income as a foreign tax credit on their Canadian tax return? For US taxes paid, what does the Canada Revenue Agency typically require in order to have the foreign tax credits granted for Canadian tax purposes?  Is this an easy process?  Does it take a long time? Some unusual experiences that our firm has recently experienced in trying to protect the rights of our clients to claim the applicable foreign tax credits. The comments by the Canada Revenue Agency recently at the June 2023 STEP Canada Roundtable regarding foreign tax credit claims. Is all of this frustrating experience necessary? Happy listening!  

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