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Atlantic Power Corporation Message Board

  • xraythrives xraythrives Sep 25, 2013 12:37 PM Flag

    Is this taxable by Canada in an American tax deferred IRA

    I am researching this. But at first glance it appears since it trades on the NYSE it should qualify for tax deferred status.

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    • I hold this in tax deferred (IRA, Roth) and taxable accounts. Canadian tax is never withheld in the US tax deferred accounts. Canadian tax is withheld in the US taxable account, but you can claim the foreign dividend tax credit when you do your US taxes each year.

      Sentiment: Hold

      • 1 Reply to d_r_l_1976
      • Not everyone will be able to take a full tax credit on foreign taxes withheld from foreign income in a given tax year.There are circumstances where the credit is carried forward to future tax years. Sometimes it seems that the credit continues to carry forward indefinately.

        There may even be situations where one would might claim the foreign taxes paid as an itemized deduction on Schedule A (assuming one itemizes) although a credit is more advantageous than a deduction from a tax perspective.

        There are potentially numerous scenarios that can take place. Thusly
        please consult your tax advisor about YOUR PARTICULAR SET OF CIRCUMSTANCES.

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