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Provincial and Territorial Foreign Tax Credits

by Maurice | February 5, 2023

Amount:

No Fixed Amount

Type of Program:

Tax Credit


Description:

The provincial or territorial foreign tax credit is available to corporations and can be claimed for taxes it paid to another country on foreign non-business income. This credit reduces the provincial tax otherwise payable. 

Comments on Funding:

No other details available.


When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

The applicant must:

  • be a corporation,
  • be resident in Canada throughout the tax year,
  • have a permanent establishment in the province or territory at any time in the tax year,
  • have a foreign investment income for the tax year,
  • have the foreign non-business income tax paid exceeding the federal foreign non-business income tax credit deductible for the year.

This tax cannot be claimed for the provinces of Quebec and Alberta on the federal return, because these provinces collect their own income taxes.

Application Steps: 

No specific steps have been identified.

Documentation Needed: 

To claim the foreign tax credit, applicants must complete Schedule 21, Federal and Provincial or Territorial Foreign Income Tax Credits and Federal Logging Tax Credit. On the appropriate lines of part 2 of Schedule 5, Tax Calculation Supplementary – Corporations, they must enter the applicable provincial and territorial foreign tax credits.

Other Things to Note:

Date modified: 2022-05-16

Program Contact:

Provincial and territorial foreign tax credits

Related posts:

Capital Investment Tax Credit (CITC)
Digital Animation Tax Credit (DATC)
Digital Media Tax Credit (DMTC)
Food Bank Tax Credit for Farmers

About Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Atlantic Canada to identify and maximize government grants to grow their business. Click here to learn more about Moe’s background and how he can help your business.

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