KarenJ2
Expert Alumni

Retirement tax questions

The IRS limits the amount of foreign tax you may claim as a credit.  That limit is the total amount of U.S. tax you owe, multiplied by a fraction: your foreign taxable income (for each category) divided by total taxable income. Thus, if you earn $50,000 from foreign sources in one category, and $100,000 from all sources, your foreign tax credit limit is your U.S. tax multiplied by 1/2. 

 

 

The RRIF income may be passive income.

 

Taxation of Your RRSP, RRIF

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