DaveF1006
Expert Alumni

Get your taxes done using TurboTax

According to IRS  publication 554, Endowment proceeds paid in a lump sum to you at maturity are taxable only if the proceeds are more than the cost of the policy.  In this case, your premiums of $7717.50 exceeded the payout amount of $3110 so this is not taxable income to you.

 

Since this is not taxable income, you cannot claim a foreign tax credit for the income taxes you paid to Canada on this endowment.

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