Data in Schedule 21, Federal and Provincial or Territorial Foreign Income Tax Credits and Federal Logging Tax Credit (Jump Code: 21), is automatically transferred to Form CO-17S.39.
Schedule 21 allows you to calculate foreign income tax credits country by country. Since the foreign income tax credit has to be calculated country by country, all data related to a same country must be entered on a single line.
Analysis of credit available for carryforward
If it is an amalgamation or the wind-up of a subsidiary, you can follow up on the unused credits from the preceding years by entering the appropriate data in the Transfers column. The balance of the amounts entered in the Transfers column is carried over to line 15.
The program automatically calculates the amount in the Applied column according to the amount of the credit requested in the current year.
The credit expired, after 7, 10 or 20 years, which is entered in the Opening balance column is carried over to line 13.