As a freelancer, I was paid for a job in euros. it was converted to Canadian dollars and deposited to my account. Is it Canadian income? If not, where do I enter it?
As a freelancer, I was paid for a job in euros. it was converted to Canadian dollars and deposited to my account. Is it Canadian income? If not, where do I enter it?
If you are a Canadian resident, you are required to report on your world wide income. Therefore, freelance job income must still be reported.
You can report this as foreign business income and report any tax paid to claim your foreign tax credit.
As a freelancer, I was paid for a job in euros. it was converted to Canadian dollars and deposited to my account. Is it Canadian income? If not, where do I enter it?
If you are a Canadian resident, you are required to report on your world wide income. Therefore, freelance job income must still be reported.
You can report this as foreign business income and report any tax paid to claim your foreign tax credit.
As a freelancer, I was paid for a job in euros. it was converted to Canadian dollars and deposited to my account. Is it Canadian income? If not, where do I enter it?
I know that I must report it. My question is where (foreign business income) and how to specify the euros or US funds, etc.
As a freelancer, I was paid for a job in euros. it was converted to Canadian dollars and deposited to my account. Is it Canadian income? If not, where do I enter it?
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As a freelancer, I was paid for a job in euros. it was converted to Canadian dollars and deposited to my account. Is it Canadian income? If not, where do I enter it?
As a freelancer, I was paid for a job in euros. it was converted to Canadian dollars and deposited to my account. Is it Canadian income? If not, where do I enter it?
Also, I did not pay foreign tax so there is no tax credit involved.
As a freelancer, I was paid for a job in euros. it was converted to Canadian dollars and deposited to my account. Is it Canadian income? If not, where do I enter it?
If that is the case, then you can report it as self-employment income under T2125 (make sure you convert the amount to Canadian dollars), this way you can declare any expenses.
Or you can report it as foreign business income. This is found under Deductions & Credits => Payments profile => Foreign tax credit. You will have to skip through the "foreign non business income" screens before you get to the "foreign business income" screens.
As a freelancer, I was paid for a job in euros. it was converted to Canadian dollars and deposited to my account. Is it Canadian income? If not, where do I enter it?
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