Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Apr 23, 2024 8:47:03 PM

Do I need to claim my foreign income when living abroad? Do I enter in the foreign currency or change into CAD? Do I enter the exchange rate from CAD to NZD or?

On a working holiday visa living in New Zealand.  worked for a couple months in 2023 and wondering if that income needs to be claimed?  Which currency to claim?  Which exchange rate to use?

0 1 3796
1 Replies
Level 3
Apr 24, 2024 8:50:52 AM

Yes, you need to report all sources of income, including your foreign income earned while living abroad even if your amounts aren’t reported on T-slips.

 

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.

 

For foreign nonbusiness income that isn't on a T-slip (including US Social Insurance), do not convert the amounts to Canadian dollars before entering them. TurboTax converts the amounts automatically based on the exchange rate you enter.

 

You may also find the article "How do I report foreign income, pension, and other foreign amounts?" helpful.

 

Thank you for choosing TurboTax.