Declaring income from lending money abroad

klaxnow — Tue, 08 Apr 2025 17:43:08 GMT

Hello,

I have generated income from lending money abroad (Croatia) in EUR to a financial institution. Something like peer 2 peer lending. I have a tax statement from this institution, which is pretty simple: total balance and interest income in EUR.

Where and how to declare it in Turbo Tax? Do I convert EUR to CAD at the time of receiving the letter or the last day of tax year? The money were lend at different time to different people/institutions many times during a year.

Is there any threshold? Like if an interest income is less than a certain amount do I need to report it?

What if I had incurred a loss?

Best regards

Re: Declaring income from lending money abroad

Anonymous — Sun, 13 Apr 2025 18:22:00 GMT

As per CRA, foreign income and foreign taxes must be converted to Canadian dollars. Use the Bank of Canada exchange rate in effect on the day these amounts arise.

To know exactly where on your Canadian tax return you should declare this income, we recommend you to contact CRA. You may have to fill a T1135 or to declare it on line 10400, but this will depend on your situation. Here is the link to contact CRA.

Thank you for choosing TurboTax.

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Declaring income from lending money abroad

Re: Declaring income from lending money abroad