How to declare foreign income ?

Yes, all income that you have earned from foreign and domestic sources must be declared on your personal tax return. Depending on the type of income such as capital gains, investment or rental property you need to report it the same manner as you would if it was sourced from within Canada.

 

If the amounts are in a foreign currency, these must be converted to Canadian dollars. Use the Bank of Canada exchange rate that was in effect on the day when you received the income. If it was received a number of times during the year, use the average annual foreign exchange rate to convert into Canadian dollars.

 

For more information, please see:

• Do You Need to Declare Income Earned From Sources Beyond Canada?
• Foreign Income and Tax Treaties 

• Line 10400 - Foreign employment income

To claim Foreign Income:

1. Select Find (or the magnifying glass icon) from the TurboTax menu
2. In the Find window, type Foreign income and select Go
3. Select Foreign income from the options that appear, then select Go

 

If you have further questions, please feel free to contact us.

 

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