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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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-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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