Dates and location
Pricing
Hours
Dates and location
Pricing
Hours
Description
The course focuses primarily on foreign tax credits claimed by individuals, with particular attention to Canadian reporting and common Canada-U.S. situations. It does not provide coverage of corporate foreign tax credits or international tax calculations for corporations.
Individuals who earn income from more than one country may be taxed twice on the same income. Foreign tax credits are intended to reduce this double taxation, but the calculations are often more complex than simply deducting foreign tax paid from Canadian tax payable.
Practitioners must determine the source and character of the income, identify which country has the primary taxing right, match foreign taxes with the related income, apply separate federal and provincial limitations, account for treaty provisions and manage differences in timing, currency, deductions and income classification
This intermediate-to-advanced course provides a practical framework for calculating and reporting foreign tax credits for individuals. Beginning with the fundamentals, the course examines employment income, investment income, rental income, pensions, capital gains and other common foreign-income situations.
Particular emphasis is placed on Canada-U.S. cases, including U.S. citizens resident in Canada, Canadian residents with U.S.-source income and individuals who file tax returns in both countries. Practical examples illustrate why foreign tax credits may be restricted, denied or insufficient to eliminate double taxation.
Pre-requisite: Basic understanding of individual taxation
Level: Intermediate–Advanced (Begins with the fundamentals)
| Session | Content |
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Module 1: Foreign Tax Credit Fundamentals and Analytical Framework |
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Module 2: Calculating and Reporting Canadian Foreign Tax Credits |
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Module 3: Income Specific Challenges and Canada-U.S. Coordination |
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Module 4: Common Problems and Planning Considerations |
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Key Takeaways
Upon completion of this course, participants will be able to:
- Explain the purpose of foreign tax credits and their role in relieving double taxation.
- Determine whether a foreign tax qualifies for credit in Canada.
- Identify the country with the primary taxing right over different categories of income.
- Distinguish foreign non-business income tax from foreign business income tax.
- Calculate federal and provincial foreign tax credits for individuals.
- Match foreign income and foreign taxes using appropriate income classifications and exchange rates.
- Identify common timing, sourcing and character mismatches.
- Apply treaty principles to common Canada-U.S. foreign tax credit situations.
- Recognize situations in which foreign tax credits do not fully eliminate double taxation.
- Develop a practical review process for foreign-income and foreign-tax reporting.
Who Will Benefit
- Canadian CPAs and tax practitioners preparing or reviewing individual tax returns containing foreign income.
- Personal tax practitioners seeking to expand into international and cross-border individual taxation.
- Accountants advising individuals who work, invest, retire or own property outside Canada.
- U.S. and Canadian cross-border tax practitioners.
- Financial planners and wealth advisors serving clients with foreign investments, pensions or real estate.
- Payroll and global mobility professionals dealing with internationally mobile employees.
- Lawyers advising individuals on immigration, residency, employment or cross-border wealth matters.
- Non-accounting professionals seeking a practical understanding of foreign tax credits and double-tax relief.
How to Access the Course
To access your course, visit the CPA Ontario Blackboard site and sign in using the same username and password used for the Registration Portal. You can also access your course through the Blackboard Learn app (iOS or Android).
Important: Course access begins on the date of purchase and remains available for the Access Time specified for the course under Dates and Location. Please review the access time before purchasing. Note that it may take up to 15 minutes after registration for the course to appear in Blackboard.
Registration, cancellation, withdrawal, and other CPA Ontario PD policies can be found here.
Speaker(s)
Babar Khan is an experienced cross-border tax professional with over 14 years of experience in US & Canadian tax compliance and advisory work. He specializes in taxation for Expatriates, Business Travelers, High Net Worth Individuals and Owner-Managed businesses. Babar also teaches at Canada’s Schulich School of Business and CPA Ontario. Babar holds an MSc (Tax) from University of Oxford (UK), an MBA from Schulich School of Business and a BBA from University of Toronto. He is also a dual US and Canadian CPA. Babar also serves on the board of a UK based EdTech company.