T3 Box 25 and 34 - reporting

Deepwater wrote: ↑ Box 25 is most probably dividends paid by foreign stocks held by your mutual fund. Box 34 is foreign withholding tax (FWT), that was paid on those dividends by the mutual fund to the foreign country's tax authority. FWT us usually around 15%, but depends on the FWT rate the foreign country charges. (Look on the T3 form in Wealthsimple Tax for a box where you can select the foreign country, or multiple if the fund holds securities from multiple countries.) Following the principle of avoiding double taxation, Canada gives you a non-refundable tax credit for the amount in box 34. But it may not be the entire amount, since I believe it has a maximum of 15%, and is non-refundable credit, so you must owe enough tax to use all of the credit.

You don't need to add form 2209, unless you are completing a paper return. Wealthsimple Tax will add form T2209 (federal credit) and form T2036 (provincial / territorial credit) and do the tax credit calculation for you. Near the bottom of the left sidebar in Wealthsimple Tax, click on Summary, then scroll down to Documents, where you will see forms T2209 and T2036 for the tax credit calculations.