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| Name | [ Offshore Tax ] Foreign Tax Credits of US tax on Canadian returns. |
| Video Uploader | Video From Offshore Tax with HTJ Tax |
| Upload Date | This Video Uploaded At 30-01-2023 14:33:40 |
| Video Discription | [ Offshore Tax ] Foreign Tax Credits of US tax on Canadian returns. Claiming a foreign tax credit is the primary way Canadian residents can avoid paying double tax on foreign income. Still, the ability to claim a foreign tax credit is not always straightforward since it depends on what is considered to be foreign tax. TIMESTAMPS: 0:00 INTRO 0:20 Federal taxes in Canada for US expats 1:45 Defined taxes for US expats in Canada 2:45 US tax on Canadian returns 4:05 OUTRO ------------------------------------------------ OUR CHANNEL OFFERS: - Updated daily, we help 6, 7, and 8-figure International Entrepreneurs, Expats, Digital Nomads, and Investors legally minimize their global tax burden and protect their wealth. - Join Amazon's best-selling author, Derren Joseph, in exploring the offshore financial world. SUBSCRIBE TO OUR CHANNEL FOR MORE FREE INFORMATION: https://www.youtube.com/c/TaxesforInternationalEntrepreneursandExpats?sub_confirmation=1 -------------------------------------------------- WATCH OTHER VIDEOS: https://youtu.be/kT6XTNvlQW0 https://youtu.be/coaMpkZh8Jc https://youtu.be/KbnD_XWyHls -------------------------------------------------- Here are 4 ways we can help you: SIGN UP for free webinars on US Expat Taxes and International Entrepreneur Taxes: https://htj.tax/events/ STREAM premium educational videos: https://htj.tax/youtube/ CONTACT us for tax optimization consults over Zoom: https://www.htj.tax/contact/ High Net Worth? We can QUOTE for doing your "US-International" tax returns. FOR MORE DETAILS, CONNECT WITH US: โ Contact us at help@advancedamericantax.com -------------------------------------------------- FOLLOW US ON: ๐ Check our website: https://htj.tax/ ๐๏ธ Listen to our podcast: https://podcast.htj.tax/ ๐ธ Add us on Instagram: https://www.instagram.com/htj.tax/ ๐ฆ Add us on Twitter: https://twitter.com/derren43/ ๐ Add us on Facebook: https://www.facebook.com/htj.tax ๐ผ Contact Derren on LinkedIn: https://www.linkedin.com/in/derren-joseph-ea-03 DERREN JOSEPH: For us Expats living in Canada. What W-Tax W2. So this will be the this is as they pay as you earn taxes in, in the US. So the W2 taxes paid qualifies for the Foreign tax credit calculations. So they went on to say federal income tax withheld, social security taxes, withheld, I know Medicare taxes withheld in the US. Would that qualify for the Foreign tax credit calculations on the Canadian Returns? BALCHANDER PUDUKKOTAI: As a matter of fact, yes, it would qualify for it because what happens is you pay your filing, your US tax filings, and then when we actually file the Canadian taxes right here, we do have to consider the taxes paid. And within that, we look at the W2. But, what the, what c r has done right now is they don't, there was a time when we would just take the tax return because of the timing of it, we would take the W2 provided by our clients and we would file the Canadian tax return based on the information on w2. They come back to us and say, no, we actually wanna see the tax return that has been filed to actually know the total amount, the actual tax that has been paid in the US for the US, for the US to give the Foreign tax credit. So it becomes a circular calculation because of its timing of it. So invariably what happens is, I tell my clients that you're providing this information, but we informed them that six months down the road you're going to get a notice of assessment that is going to change these numbers because of the new information that they, they will be getting. Okay. Kul. Any add? KUL MAKKAR: Sure. Well, I think, you know, c looks at how the tax term taxes is defined in, in, in the US So the definition does cover, I think Medicare and the other taxes you mentioned. Sometimes there is, and I have a phrase that was a question in the past as well, where the state taxes sometimes c a push back saying that the state tax that you pay would not be given a Foreign tax credit because that's not defined within the definition of Canadian. Then, taxes the way it is being defined within the treaty. So, but you know, mostly I have seen that these are accepted for Foreign tax credit purposes. But yes, as Bal said, it is not what is there on W2 what you file in your tax return would eventually be considered by Canada. #canada #CanadaExpats #taxesCanada #investors #offshorecitizen #nomadcapitalist #flagtheory #InternationalEntrepreneur #irs #offshorebanking #ibc #offshorecompany |
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