T3 slip - Box 24 - Foreign business income
To enter the amount of income from foreign business source
appearing in Box 24 of the T3 slip, please follow these steps:
1- On the "Left side menu on the Interview tab", select
"Interview setup".
2- On the right-hand side of the screen, go to the
"Investment income and expenses" group, check the box for
"Interest, investment income and carrying charges/interest
expenses/CNIL (T3, T5, T4PS, T5008, RC359)" and click
"Next" at the bottom of the page.
3- Return to the "Left side menu on the Interview tab"
and select the item "Interest, investment income and carrying
charges".
4- On the screen to the right, choose the line "T3 - Trust
Income (RL-16)" and on the page, that is displayed, enter the
information that appears on your T3.
The program will carry the amount over on line 13500 of the
federal return and, for Quebec residents, the amount
will be reported on line 130 of the Quebec return.
In addition, if a foreign tax has been paid on the income from a
business, as evidenced by the amount shown in box 33 of your T3
slips, this amount will be carried over by the program to the
appropriate form or forms to determine the foreign tax credit that
will be reported on line 40500 of Step 5 of the
Federal Part C.
For Quebec residents, this amount will be reported on line
409 of the Quebec return and form TP-772 will be
generated by the program.
However, please note that you will not be able to file your
return using NetFile as it is a Quebec restriction.
Please mail your Quebec return and attach Form TP-772 to
Revenu Québec.
This restriction does not apply to the CRA.
For more information on this topic, please consult the following
links:
For the CRA:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-405-federal-foreign-tax-credit.html
For Revenu Québec:
https://www.revenuquebec.ca/en/citizens/income-tax-return/completing-your-income-tax-return/completing-your-income-tax-return/line-by-line-help/400-to-447-income-tax-and-contributions/line-409/
ID: 20191007125306DEX.xml
Webpage: KPA390-20191007125306DE.htm
