Publication 597 |
2001 Tax Year |
Income Tax Credits
The treaty contains a credit provision (Article XXIV) for the
elimination of double taxation. In general, the United States and
Canada both allow a credit against their income tax for the income tax
paid to the other country on income from sources in that other
country. For detailed discussions of the U.S. income tax treatment of
tax paid to foreign countries, see Publication 514,
Foreign Tax
Credit for Individuals.
See paragraphs (4) and (5) of Article XXIV for certain provisions
that affect the computation of the credit allowed by the United States
for Canadian income taxes paid by U.S. citizens residing in Canada.
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