I am a self employed person who works abroad. All of my business income is from foreign sources. Yet, my wife and child live in Canada. How should I report my income?

I send my income to support family in Canada.

278

Level 3

Nov 12, 2022 10:51:30 AM

As per the Canada Revenue Agency (CRA), foreign employment income is income earned outside Canada from a foreign employer. You must report your foreign income in Canadian dollars. Generally, the foreign currency amount should be converted using the Bank of Canada exchange rate on the day you received the income.

Report your income in line 10400 of Income Tax and Benefit Return (T1) Form.

Complete the form Federal Foreign Tax Credits (T2209) and enter the amount from its line 12 on line 40500 of the T1 Form.

To input your foreign income into the TurboTax software, please see link for the steps: https://turbotax.community.intuit.ca/turbotax-support/en-ca/help-article/t4-slips/report-foreign-income-foreign-pension-foreign/L9w8Em3Yx_CA_en_CA?uid=la8psolt

For more information, please see link: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-re...

Thank you for choosing TurboTax.

Why sign in to the Community?

I am a self employed person who works abroad. All of my business income is from foreign sources. Yet, my wife and child live in Canada. How should I report my income?