To enter your foreign income (the U.S. income) on your Canadian tax return, you will first need to convert the U.S. dollar value to Canadian dollars, using the exchange rate from the date you received the income. If you received various payments over the year, you can use the annual exchange rate to calculate this.
To locate the Foreign Income section on TurboTax online:
- Open your TurboTax return and click the "Find" icon at the top of the screen.
- In the search bar, type in Foreign Income, and press Go.
- Select Enter New Foreign Income.
- In the exchange rate box, this is where you will enter the annual exchange rate (Annual Exchange Rates - Bank of Canada) for the year the income was earned.
- Fill in any other applicable boxes, then press Done With Foreign Income. This will save your entry.
For more information, please see our TurboTax FAQ:
How do I report foreign income, foreign pension, a... (intuit.ca)
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