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Retirement tax questions
Thank you for your post Karen, however in following your instructions, the foreign tax credit uses a calculation on form 1116 which only allowed approximately 35% of the actual total tax I paid in 2019, with the balance treated for carry-back or carry-forward purposes, which is of no use to me. I was expecting that for RRIF pension income I would have a credit in the same year for 100% of the non-resident tax withheld on the NR4 form. I am not sure if RRIF pension income should be considered as passive income? Any further thoughts on this would be appreciated, as this issue is costing me an additional unexpected tax liability of $1,300.
March 29, 2020
11:17 AM