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vivianthornhill
Returning Member

Form 1116 categories - need help

I've been reading conflicting information on which categories should be used.

 

My foreign income from Canada:

 

Rental Income (I know that's Passive category)

Interest Income (Passive Category)

Distribution from RRIF (I think thats General Income) ?

CPP (Canada Pension Plan income - I think that would be under General Income along with the RRIF) ?

 

Only the Rental income and RRIF withdrawal income had taxes paid in Canada, but instructions say to include ALL foreign income, even if taxes werent paid in foreign country.

 

Another question regarding Form 1116:  For foreign gross rental income should I enter my net income?  I get a better tax credit that way instead of entering the rents received as income and then the expenses on the other line.  Thats how I was advised to do it last year, so am tempted to do it the same way although some people say that is wrong.  

 

Thank you

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