No you will report this as MarilynJoy has described above. Don't try to report this on a 1099R. You need to do a foreign tax credit to receive the credit for your taxes paid. To claim this, go to:
- Federal>income and expenses>deductions and credits>estimates and other taxes paid>foreign tax credit
- As you navigate through the system, when it asks what type of income this is, indicate passive income.
- Then it will ask you to pick a country, pick Canada.
- Then it asks for other gross income-Canada Indicate Canadian RRIF then the amount of the pension
- Then when you get to the screen Foreign Taxes Paid - Canada, enter that amount as Foreign Taxes on Other Income Be sure to to enter a date at the bottom of the form as when they were paid
- Then you should see a country summary page next. Select Done.
- Then continue through the screens until you get to Foreign Tax Credit Carryovers. if you had foreign tax carryovers from previous years you will enter those here.
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Continue through the screens and in the end, the program will tell you how much of a foreign tax credit you will receive for this year.
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