I'm a part time freelancer who has earned a little over 5K in USD. Should I convert this into CAD and then claim as self-employment income or claim as foreign income?

Looking for guidance as to how to report this income. If I'm converting to CAD, do i convert on the day of payment? or do I use a general exchange rate for the year? If claiming under foreign income, do I then report nothing on self-employment and still claim business expenses?

308

Moderator

Feb 24, 2024 10:47:21 AM

Yes, you will have to convert the amount to CAD. You can use whichever exchange rate benefits you.

If you want to claim expenses, then you can report your income as self-employment income. If you do this, you don't need to enter the amount on the Foreign slip.

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I'm a part time freelancer who has earned a little over 5K in USD. Should I convert this into CAD and then claim as self-employment income or claim as foreign income?