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comynmj
New Member

Is income reported on a t-slip in usd "foreign income?

 
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Is income reported on a t-slip in usd "foreign income?

If the income on your information slip is in US currency, it will be indicated on the slip. When entering this information on your return any US currency needs to be entered in Canadian currency. TurboTax doesn't do any currency conversion. 

As per the Canada Revenue Agency (CRA) Foreign income and foreign taxes must be converted to Canadian dollars. Use the Bank of Canada exchange rate in effect on the day that you received these amounts. If you received a monthly pension or multiple payments at different times during the year, use the average annual exchange rate. The average monthly rate and the daily rate are available by visiting the Bank of Canada.

 

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