I have an unused foreign tax credit I would like to apply. Do I simply add it in S21 'foreign tax paid' along with current year foreign tax paid, or somewhere else?

This foreign tax was paid on business income.


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Hi, thank you for using Intuit ProFile Community

The unused business foreign tax credit can be carried forward. I have attached a screenshot, (s21.PNG) show entries in column D of Part 2 as well as an entry in column L of Part 3 of schedule 21. There would need to be net foreign business income in column B and there may be current year foreign tax paid. From these entries ProFile will use the Canada Revenue Agency rules to calculate the allowed credit. So, current year foreign tax paid for column C and carry forward in column D.

As alluded to above there are different rules for business and non business foreign tax.

If you have specific questions for your scenario, you can check with CRA or check the guide I provided above.

Hope this helps

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