ITNEWS-31R2-Social Security Taxes and the Foreign Tax Credit
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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