Super! thanks for your insight.
I just want to dive into that Foreign Income value a little bit more, to make sure I'm not over-reporting income and tax paid.
The Foreign Income value I want to report is before the two levels of withholding tax described here: https://www.vanguardcanada.ca/documents/impact-of-withholding-taxes.pdf. The two withholding taxes are:
- 1. Tax assessed on dividends, interest or capital gains that are distributed from the underlying securities
(including shares of other funds or ETFs) to the U.S.-listed (underlying) fund, and
2. Tax assessed on dividends, interest or capital gains that are distributed
from the U.S.-listed fund to the Canada-listed fund
Although the article is written for Canadian residents, I believe it applies to non-residents too -- I believe the only difference is that non-residents see a third layer of withholding tax: a 15% withholding tax taken from the amount deposited to the account.
The article includes two tables describing whether the withholding taxes will even apply based on the type of account holding the funds (taxable, or tax-wrapped); and describing the Canadian resident's ability to count the withholding tax as a credit in their tax filing.
I have already calculated for the ETFs I hold, and I know that 15% is being withheld on all the ETFs I hold which are based on an international market. Some of the ETFs are in taxable accounts and see an additional withholding tax of 15% on the amount that's deposited to my account; and a few are in a tax-wrapper account (Canadian equivalent to an ISA) so they don't see a second 15% withholding tax.
Am I really reporting the full pre-tax values as my Foreign Income, and both of the 15% withholding taxes that arise?