You would have to report your foreign income either way. Proof of FMV? I will leave that up to the CRA to determine, you can give them a call 1 800 959 8281.
To report this foreign sourced income to the CRA you must first apply your residency status + date of entry at the beginning of your tax return. Because we do have a treaty with Ireland, this means you will not be double taxed on the income you are claiming, (if applicable) you would file for a foreign tax credit.
Foreign income earned prior to arriving in Canada. We want to know about your world gross income. It boils down to whether you get a full year or is it prorated from your date of entry.
Please review the links provided below to guide you through the steps within the software, as well as give you a better understanding of reporting this income correctly to the CRA.
You will need the T1135 form and ensure all entries have been entered correctly along with taxes paid (if applicable), this can be found under the Foreign slips.
Please follow directives below to assist you with finding these forms and slips in TurboTax
- To access the FTC form, go to the "Find" icon at the top right corner of your screen and type in "Foreign Tax Credit".
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Income tab – Other Income Sources and Foreign Income Verification Statement (T1135)
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Foreign slip is under the Income Tab – then Tslips and you will see Foreign Income
