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Level 1
posted Apr 16, 2023 4:44:42 PM

I earned US revenue in 2022 as self-employment, what exchange rate can I use to convert revenue in Cdn dollar? Can I use avg US-CDN by BOC?

E.g. Jan 5 2022 US$2000, Mar 3 2022 US$1000, Jun 6 2022 US$1000 (total US$4000). Can I use an average 1.3013 average exchange rate published by BOC to convert into Canadian dollar or I have to use a specific exchange rate for that date to convert into Canadian dollar revenue?

0 3 1060
3 Replies
Level 15
Apr 20, 2023 10:16:42 AM

Please use the bank of Canada exchange rate.

 

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Level 1
Apr 20, 2023 11:05:03 AM

Sorry which rate should I use? Daily rate or Monthly or Annual Rate? Can I use Annual Rate instead of daily rates?

Moderator
Apr 26, 2023 5:02:27 AM

As per our TurboTax FAQ: How do I report foreign income, pension, and other foreign amounts?

  • If the amounts on your foreign income slip are reported in a foreign currency, convert them to Canadian dollars before entering them. If the amount was paid at various times throughout the year, use an average annual exchange rate.

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