Foreign Tax Credits (FTC)

Updated: 2023-02-28

  1. When you enter the foreign country on a slip or rental statement, TaxCycle creates the related foreign tax credit forms:
    • FTC—Foreign Tax Credit worksheet
    • T2209—Federal Foreign Tax Credits
    • T2036—Provincial or Territorial Foreign Tax Credits
  2. If you enter foreign income and tax on various slips and worksheets, TaxCycle collects the details into one set of these forms, providing you type the country exactly the same way on all slips that have income from that country. For example, enter USA on all slips and worksheets rather than US on one and USA on another.
Screen Capture: FTC, T2036, T2209
  1. Each section of the FTC worksheet collapses. Scroll down to see all the sections.
  2. The FTC worksheet groups income and tax paid together by type and then flows these amounts to the T2209 and T2036 to claim the federal and provincial/territorial foreign tax credits. Page 2 of the Foreign Tax Summary (FTCSum) lists all of the foreign tax and credits reported in the return.

Screen Capture: FTC Worksheet