{"id":1155,"date":"2021-09-28T08:44:37","date_gmt":"2021-09-28T08:44:37","guid":{"rendered":"https:\/\/blog.myslcpa.ca\/?p=1155"},"modified":"2021-09-28T08:48:25","modified_gmt":"2021-09-28T08:48:25","slug":"foreign-tax-credit","status":"publish","type":"post","link":"https:\/\/blog.myslcpa.ca\/?p=1155","title":{"rendered":"Foreign tax credit"},"content":{"rendered":"\n<p>The foreign tax credit is for eligible corporations that pay taxes to another country on foreign non-business income. The credit reduces the provincial tax otherwise payable.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>For full details about the foreign tax credit, including eligibility requirements, and how and when to claim the tax credit, see the&nbsp;<a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/businesses\/topics\/corporations\/provincial-territorial-corporation-tax\/provincial-territorial-foreign-tax-credits.html\">Provincial and Territorial Foreign Tax Credits<\/a>&nbsp;section on the Canada Revenue Agency\u2019s website.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Claiming the credit<\/h2>\n\n\n\n<p>You can claim the credit when you file your&nbsp;<a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/forms-publications\/forms\/t2.html\">T2 Corporation Income Tax Return<\/a>. Enter the amount of the B.C. foreign tax credit you\u2019re claiming on line 650 of&nbsp;<a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/forms-publications\/forms\/t2sch5.html\">Schedule 5, Tax Calculation Supplementary \u2013 Corporations<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Legislation<\/h2>\n\n\n\n<p>The following legislation applies to the foreign tax credit:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.bclaws.gov.bc.ca\/civix\/document\/id\/complete\/statreg\/96215_01#section14\">Income Tax Act<\/a>&nbsp;(B.C.) Section 14(3) to 14(5.2)<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The foreign tax credit is for eligible corporations that pay taxes to another country on foreign non-business income. The credit reduces the provincial tax otherwise payable. For full details about the foreign tax credit, including eligibility requirements, and how and when to claim the tax credit, see the&nbsp;Provincial and Territorial Foreign Tax Credits&nbsp;section on the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1157,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[],"class_list":["post-1155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax"],"_links":{"self":[{"href":"https:\/\/blog.myslcpa.ca\/index.php?rest_route=\/wp\/v2\/posts\/1155","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.myslcpa.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.myslcpa.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.myslcpa.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.myslcpa.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1155"}],"version-history":[{"count":1,"href":"https:\/\/blog.myslcpa.ca\/index.php?rest_route=\/wp\/v2\/posts\/1155\/revisions"}],"predecessor-version":[{"id":1156,"href":"https:\/\/blog.myslcpa.ca\/index.php?rest_route=\/wp\/v2\/posts\/1155\/revisions\/1156"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.myslcpa.ca\/index.php?rest_route=\/wp\/v2\/media\/1157"}],"wp:attachment":[{"href":"https:\/\/blog.myslcpa.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.myslcpa.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.myslcpa.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}