No Fixed Amount
Type of Program:
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:
The applicant must:
This tax cannot be claimed for the provinces of Quebec and Alberta on the federal return, because these provinces collect their own income taxes.
No specific steps have been identified.
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