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Foreign tax credits
My situation:
-I am a Dual US/Canadian Citizen -I work for a Canadian company, pay Canadian income taxes -I live in the US (at least I am in the US 80% of the year, heading back to Canada once a quarter) -I am married to a US Citizen who has no ties to Canada, and has US Income -we file jointly in the US My question: I have been told by my tax person that I will only get about 77% of my foreign tax credits from the IRS against my paid Canadian taxes. They are estimating I owe about $500/quarter in US taxes from my Canadian income. How is this not double-taxation? Is there any program under the Canada Revenue Agency that would allow me not to pay Canadian taxes on my income if I'm paying US taxes on it? Help! |
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