foreign income (Italy)

I have a foreign income from Italy as a professional. I am now a citizen and resident of Canada. I am not a professional in Canada. I just would like to understand if I correctly fill the foreign income in the right part of the income tax return. And wich one is the right exchange rate to indicate in the appropriate space. Sherwood Susan K.

p.s. I now live in Canada after 40 years been in Italy. So I am not very familiar with income taxe forms

481

Employee Tax Expert

Mar 17, 2020 12:37:15 PM

There is no difference between the way a resident of Canada reports income earned in Canada or outside of Canada, regardless of whether the income is from business activity or non-business activity. The exchange rates at various points in time between Canadian dollars and Euros as published by the Bank of Canada are appropriate for income tax purposes and are available on the internet.

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foreign income (Italy)