• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Atlantic Canada Business Grants

  • Atlantic Canada
    • Grants
    • Loans
    • Wage Subsidies
  • New Brunswick
    • Grants
    • Loans
    • Tax Credits
    • Wage Subsidies
  • Newfoundland & Labrador
    • Grants
    • Loans
    • Tax Credits
    • Wage Subsidies
  • Nova Scotia
    • Grants
    • Loans
    • Tax Credits
    • Wage Subsidies
  • Prince Edward Island
    • Grants
    • Loans
    • Tax Credits
    • Wage Subsidies

except Quebec and Alberta

Provincial and Territorial Foreign Tax Credits

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

Primary Sidebar

Recent Posts

  • Prince Edward Island Broadband Fund (PEIBF) for Internet Service Providers
  • Prince Edward Island Film Production Fund
  • Rental Incentive Assistance
  • Small Business Investment Grant
  • Strategic Improvement Assistance

Recent Comments

  • Toni Mladineo on Clean Technology Loan

Copyright © 2023 · eleven40 Pro on Genesis Framework · WordPress · Log in

  • About Me
  • Contact