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I'm self employed freelancer in Canada, I did work in the US in 2018 which involved business expenses like travel. How do I track those expenses against foreign income?

 
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I'm self employed freelancer in Canada, I did work in the US in 2018 which involved business expenses like travel. How do I track those expenses against foreign income?

We'll need some more details of your business structure and how you are reporting your income to advise you correctly on this matter. 

If you have one business and receive foreign income, you should be reporting this income and any expenses incurred for it on the T2125 - Statement of Business Activities. You should convert all amounts to CAD, of course.

However, if travel expenses you incurred and US income relate to a different type of business, you may need to complete a second business statement. 

 

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