As you can see the tax due is coming correctly but that tax I have already paid as its income deducted at source and only after deduction the remaining amount is reflected in my account.
Question:
How to automatically set tax paid field for every dividend transaction to tax preset %?
Hey, what is the tax rate in Canada now and how does it work?
The tax rate in the preset is 15% of the tax you already paid in US. Which makes the tax due much lower than paid, which would mean the tax office should give you money back, which is pretty rare
For example, in Poland we have 19% tax on dividends. US stocks have 15% of WHT applied. I still have to calculate my tax due as 19% of the untaxed income. At the same time, I record the tax I already paid (WHT) and only pay the difference - which is 4%.
So in Capitally you want to have a proper tax due, so you can see your net gains, while tax paid is only important to know how muc more you’ll have to pay at year’s end. Therefore it should be an accurate number - either entered manually or imported from a broker.