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Do I need to declare income I earned from sources outside of Canada?
by TurboTax• Updated 9 months ago
Whether you need to declare income from outside sources is dependent on a variety of factors, ranging from the type of income you have earned to the size and quantity of your investments. You can learn about some of the common instances for declaring foreign income in the information provided, or contact us to find out more.
All amounts must be reported in Canadian dollars.
- Use the Bank of Canada exchange rate that was in effect on the day you received the income.
- If you received this income a number of times during the year, use the average annual exchange rate.
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