This may seem like a simple question but I just want to ensure I’m entering this correctly. I have a CCPC that opened an investment account and has a small foreign dividend (US Stock) from a non-affiliated public company, with some foreign tax withheld. My understanding is that I report the income on S125 (code 8097) and the tax withheld on S21. No entry on S7 or S3 required. Taxcycle is giving me a review message to include the foreign income on S7 but wouldn’t it already be included for Part 1 tax from the GIFI? Please correct me if I have this wrong.
Sch 7 is for the small business deduction. Just check that the allocations between Cnd and foreign on the dividend line of the little chart where you enter all the passive income is correct and you should be okay. I think off the top of my head it transfers the total dividend income to sch 7 for you but you have to type in the split between domestic and foreign.