FTC vs. FEIC

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(e) Election (1) In general An election under subsection (a) shall apply to the taxable year for which made and to all subsequent taxable years unless revoked under paragraph (2). (2) Revocation A taxpayer may revoke an election made under paragraph (1) for any taxable year after the taxable year for which such election was made. Except with the consent of the Secretary, any taxpayer who makes such a revocation for any taxable year may not make another election under this section for any subsequent taxable year before the 6th taxable year after the taxable year for which such revocation was made.

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So you can take the FEIC one year by just using it, and revoke it the next year. But then for 5 years you cannot take the FEIC, unless you get a special exception from the IRS.

2017,00.html says thatto get the special exception from the IRS you have to apply for aruling, and I think that costs $600.

For a Canadian Resident, FTC can produce a refund while the FEIC can only result in no tax owing. There are also problems with the FEIC eligibility which don't occur with the FTC. The FEIC has easier calculations.

Overall, the benefits are in favour of the FTC.