Yes it is correct. If you use Turbo tax, in the dividend income section, you enter your div income from erf and don't forget also to enter the foreign tax paid.
You will get your 15% tax paid to the Canadian Gov back as tax credit.
pchencali says: "You will get your 15% tax paid to the Canadian Gov back as tax credit."
That is not necessarily so. It applies only to smaller investors. If your total foreign credits exceed $300 (single filers) or $600 on a joint return, from all foreign sources, you need to file form 1116 which will determine how much of your credits you will receive. I have never received even close to 100% and I am not that big of an investor.
Yes and No - You won't get it back from the folks that take the 15% - THE CANADIAN GOVERNMENT. It is rumored that it is possible, but this is totally unsubstantiated. I've filed for it twice, big 0.
You will get some credit on your US 1040, but what that percentage is depends on lots-o-stuff. In my case, about 10%.