Social Security Taxes and the Foreign Tax Credit Section 126 of the Income Tax Act (the “Act”) provides for a foreign tax credit for taxes paid to foreign jurisdictions. The Canada Revenue Agency (CRA) stated in paragraph 5 of IT-122R2, that US social security taxes paid by an employee are income taxes that may qualify as “non-business-income […]
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Income Tax Folio S5-F2-C1, Foreign Tax Credit Series 5: International and Residency Folio 2: Foreign Tax Credits and Deductions Chapter 1: Foreign Tax Credit Summary Section 126 of the Act makes a foreign tax credit available to a taxpayer who at any time in a year is a resident of Canada, or in certain limited circumstances is
NO: IT-273R2 DATE: September 13, 2000 SUBJECT: INCOME TAX ACT Government Assistance — General Comments REFERENCE: Section 9, subsection 13(7.1), paragraphs 12(1)(x) and 53(2)(k) (also sections 66, 66.1, 66.2, 66.4 and 126; subsections 12(2.1), 12(2.2), 13(7.4), 13(21), 14(10), 14(11), 53(2.1), 127(9) and 248(16); paragraphs 12(1)(t), 20(1)(hh), 20(1)(hh.1), 40(2)(i), 53(2)(s) and 56(1)(s) of the Income Tax Act; and sections 6700,
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NO: IT-167R6 DATE: SEPTEMBER 14, 1995 SUBJECT: INCOME TAX ACT Registered Pension Plans – Employee’s Contributions REFERENCE: Subsection 147.2(4) and paragraph 8(1)(m) (also sections 5, 6, and 149, subsections 18(11), 126(1), the definitions of “defined benefit provision” and “money purchase provision,” in subsection 147.1(1), and (10), 147.2(5) and the definitions of “additional voluntary contribution” and “registered
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NO.: IT-201R2 DATE: February 12, 1996 SUBJECT: INCOME TAX ACT Foreign Tax Credit — Trust and Beneficiaries REFERENCE: Subsections 104(22) to (22.4) (also section 126; subsections 20(11) and (12), and 104(13) and (14); and the definitions of “business-income tax” and “non-business-income tax” in subsection 126(7) of the Income Tax Act) Application This bulletin cancels and replaces Interpretation Bulletin
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NO: IT-243R4 DATE: February 12, 1996 SUBJECT: INCOME TAX ACT Dividend Refund to Private Corporations REFERENCE: Section 129 (also sections 51, 84, 85.1, 86, 87, 88, 105, 123.2, 125, 150, and 157; subsections 12(10.2), 15(3), 85(1), 104(13) and (14), 126(1) and (2), 161(2), 186(2), 256(2), and 260(7); the definitions of “designated property” and “private corporation” in
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