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New Member
posted Oct 29, 2019 11:06:09 PM

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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1 Best answer
Level 1
Oct 29, 2019 11:06:11 PM

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.

7 Replies
Level 1
Oct 29, 2019 11:06:11 PM

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.

New Member
Oct 29, 2019 11:06:12 PM

I know that I must report it. My question is where (foreign business income) and how to specify the euros or US funds, etc.

Level 1
Oct 29, 2019 11:06:13 PM

Are you using the TurboTax Online or the Desktop product?

New Member
Oct 29, 2019 11:06:15 PM

The desktop product. Thanks for your help Monica

New Member
Oct 29, 2019 11:06:16 PM

Also, I did not pay foreign tax so there is no tax credit involved.

Level 1
Oct 29, 2019 11:06:18 PM

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.

New Member
Oct 29, 2019 11:06:19 PM

Lovely! Thanks so much for your help.