In our firm's latest podcast, Kenneth Keung and Kim G C Moody discuss the frustrations that Canadian individual taxpayers experience when claiming foreign tax credits. Specifically, Kenneth and Kim discuss:
  1. What are foreign tax credits? What's the purpose of them and what are some of the high level eligibility requirements.
  2. Using a US citizen resident in Canada as an example, what are some of the common administrative issues that are experienced by such a person in order to claim US taxes paid on their US sourced income as a foreign tax credit on their Canadian tax return?
  3. For US taxes paid, what does the Canada Revenue Agency typically require in order to have the foreign tax credits granted for Canadian tax purposes? Is this an easy process? Does it take a long time?
  4. Some unusual experiences that our firm has recently experienced in trying to protect the rights of our clients to claim the applicable foreign tax credits.
  5. The comments by the Canada Revenue Agency recently at the June 2023 STEP Canada Roundtable regarding foreign tax credit claims.
  6. Is all of this frustrating experience necessary?
Happy listening!

To listen to the podcast, click here.

Moodys Tax Law is only about tax. It is not an add-on service, it is our singular focus. Our Canadian and US lawyers and Chartered Accountants work together to develop effective tax strategies that get results, for individuals and corporate clients with interests in Canada, the US or both. Our strengths lie in Canadian and US cross-border tax advisory services, estateplanning, and tax litigation/dispute resolution. We identify areas of risk and opportunity, and create plans that yield the right balance of protection, optimization and compliance for each of our clients' special circumstances.

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