It depends. There is a very precise way to report this to report the income and claim the foreign tax credit. Here is how to report. You will report the income first and then claim your foreign tax credit.
- Log in or open Turbo Tax.
- Go to federal>income and expenses>retirement plans and social security>show more (if using Turbo Tax online)
- Go to Canadian Registered pension and report it.
To claim the Foreign Tax Credit.
- Log in or open Turbo Tax
- Go to federal>deductions and credits>estimates and other taxes paid>show more (if using turbo tax online).
- Select Foreign Tax Credit or Foreign Taxes (if using the software)
- Answer the questions. Be sure when you get to the area where it says Gross income, list the full amount of the pension here or else you won't receive the credit. Many people make this mistake.
- Also when the program asks for the category of income, indicate this is income resourced by treaty.
- Sometimes this section gets a little confusing so if do have questions regarding navigation, just reach out to us. We are here to help.
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