I am an incorporated business in the startup year and all my customers are from USA who pay in USD which is deposited to my current USD account in Canada.

[Mark45]

How do I account for this as income and what exchange rate should I use and on what dates i.e dates of receipt or date of conversion to CAD ?

[Delphision · Accepted solution]

You should be using appropriate accounting software to track you sales, interest and exchange.  You can find the daily exchange rate on a number of different websites.  Google is your best friend here.  Be aware of the tax laws that relate to taxes that may be owing on foreign sales, and internet sales in particular.  CRA and the provincial government are both sensitive on that subject.

Take the time for a short meeting with an accountant.  You will get your best help and information from someone who has to remain current with tax law.

[Mark45]

Thank you once again !!!

[Delphision]

You again!  Try to stay out of trouble.

[Mark45]

YESS Sir 🙂