President Donald Trump said he’s immediately suspending trade talks with Canada over its plans to continue with its tax on ...

Canadians have reporting requirements for foreign assets, income and tax paid. Here’s how to claim each of these on your tax return. Residents of Canada are taxable on their worldwide income. So ...

To use the foreign tax credit against AMT, taxpayers must file IRS Form 1116 (Foreign Tax Credit) and, if applicable, Form 6251 (Alternative Minimum Tax – Individuals).

For many clients, their sole experience with claiming the foreign tax credit likely occurs if they earn foreign interest or dividends in Canadian non-registered investment accounts. For example, if a ...

HARD NUMBERS: Carbon cost of Canada’s wildfires, Ottawa to cut foreign worker quotas, Tax credits cause art glut, Harris opens up bigger lead over Trump, US home sales hit historic low ...

The foreign tax credit cannot reduce U.S. taxes on U.S.-sourced income and can only reduce the taxes on the foreign-sourced income. Generally, a taxpayer must file IRS Form 1116 to claim the credit.

FIRST LOOK: A bipartisan crew of House members is urging the Treasury Department to give businesses a further break on new Foreign Tax Credit regulations. Treasury announced back in July that they ...

On 8 April 2022, Justin Trudeau’s government announced a two-year ban on foreign real estate investors in Canada. The government explained that this was a move to cool down a hot market after ...

An interview with George Dimov, the CPA building a nationally trusted firm for tech professionals, global earners, and remote ...

Legislation could impose tax hikes as high as 50% on certain types of passive income, real property gains and business profits ...

The foreign tax credit then applied in the U.S. for the Canadian income tax already paid. In total, Tavares paid roughly $5.9 million in taxes on that initial bonus.

However, it may depend on the tax treaty between Canada and the foreign country, ... As a result, you may have to report both ...