![]() If, as a shareholder in a foreign corporation, you received certain shares in another foreign corporation, you may not have to report any amount as income for receiving those shares. If you own an interest in a foreign investment entity or an interest in a foreign insurance policy, you may have to report investment income. Do not subtract the taxes from your income when you report it. Married couples who filed joint federal returns but were domiciled in different countries, cities, towns or taxing areas on the last day of the tax year. You must report accounts you hold in foreign banks and other financial institutions if the total balance across all your accounts is 10,000 or more at any time during the calendar year. If you paid foreign taxes on your interest or dividend income, you may be able to claim a foreign tax credit when you calculate your federal (see line 40500) and provincial or territorial taxes ( Form 428). The average monthly rate and the daily rate are available by visiting the Bank of Canada. ![]() Inside TurboTax, search for property tax and select the Jump to link at the top of your search results. If you received the income at different times during the year, use the average annual rate. If youre a homeowner, your property taxes are entered in the Deductions & Credits section: Sign in and open your return if youre not already in it. Use the Bank of Canada exchange rate in effect on the day that you received the income. Report in Canadian dollars the foreign interest or dividend income that you received.
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