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viksho
New Member

Foreign Taxes Paid on Canadian Retirement Account RMD - How to Enter

I am able to enter the RMD under "Canadian Registered Pension Income" but it does not ask if taxes were witheld. Now when I go to Foreign Taxes Paid it does not allow me to enter anything ?

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DaveF1006
Expert Alumni

Foreign Taxes Paid on Canadian Retirement Account RMD - How to Enter

 To, receive a credit for the Foreign Taxes paid, you need to apply for a foreign tax credit.

 

  1.  Go to Federal
  2. Deductions and credits 
  3. Estimate and other taxes paid 
  4. Foreign Tax Credit>start or revisit
  5.  As you go through the screens, when it asks "Tell Us About Your Foreign Taxes" select none of these apply.
  6. When it asks if you wish to take the deduction and credit, take the credit.
  7. Continue through until you reach a screen that says "No other income or expenses" Say no
  8. Continue through until it asks the income type, say Passive Income
  9. Next add a country pick Canada
  10. Other Gross Income say  Canada Pension RRSP and the gross amount of the RMD amount
  11. Continue through the interview until it asks for the foreign taxes you paid, here record the amount.  
  12. Now you are done reporting the foreign taxes. Just keep going through the section without making any more entries. You will have finished reporting your gross income from the sale and the foreign taxes paid.

 

 

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