1) Camille owns 100 shares in the US company called Apple Inc. She received dividends on these foreign shares which were $1 US per share. Which of the following statement(s) is correct? I. Dividends from foreign companies must be converted to Canadian dollars and reported in Camille’s personal income tax return. II. Foreign dividends are not eligible for the Canadian Dividend Tax Credit. III. Foreign dividends do not need to be included on a Canadian personal income tax return. IV. Foreign dividends are grossed-up by 1.38% and included in Camille’s personal income tax return as Taxable Dividends. V. These foreign dividends are taxed like capital gains where only 50% is included in Camille’s personal income tax return.
Added by Kimberly A.
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Since Camille owns shares in Apple Inc., a foreign company, the dividends she received are considered foreign dividends. Show more…
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