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Returning Member
posted May 6, 2024 2:18:16 PM

employer is overseas and does not provide a t4

How do I report my sole income is via transfers to my bank account?  Employer is overseas and does not provide a T4.

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1 Replies
Level 3
May 7, 2024 7:35:29 AM

As per the Canada Revenue Agency (CRA):

Foreign employment income is income earned outside Canada from a foreign employer. Report your foreign employment income in Canadian dollars. In general, the foreign currency amount should be converted using the Bank of Canada exchange rate in effect on the day it arises. The CRA also generally accepts an exchange rate from another source if it meets all of the following conditions.

The source is:

  • widely available
  • verifiable
  • published by an independent provider on an ongoing basis
  • recognized by the market
  • used in accordance with well-accepted business principles
  • used to prepare financial statements, if any
  • used regularly from year to year

If the amount was paid at various times in the year, use the annual average exchange rate.

Do not reduce your foreign income by the amount of tax that the foreign country withheld. Instead, you may be able to claim a foreign tax credit when you calculate your federal and provincial or territorial taxes. See line 40500.

To report your foreign income:

 

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