How do I report my sole income is via transfers to my bank account? Employer is overseas and does not provide a T4.
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:
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.
Thank you for choosing TurboTax.
schishol
Returning Member
MMsour
New Member
BlueMatia
Level 2
sk-qc
Level 2
ek888199
Level 2
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.