How Pick Your Canadian Tax Program: Difference between revisions
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Revision as of 19:21, 21 September 2024
A credit is allowed for foreign income taxes paid or accrued. The financial lending is limited compared to that part of U.S. tax due to foreign source income. It is far from refundable, but any excess credit could be carried to other years to reduce tax.
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Marginal tax rate may be the rate of tax would you on your last (or highest) level of income. In the last described example, the individual is being taxed with a marginal tax rate of 25% with taxable income of $45,000. The best offer mean she or he is paying 25% on her last dollars of income (more than $33,950).
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