daniel-j-morton1
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- Posted Do I use the exchange rate on the date of receiving the funds from an invoice or the date at which I raised the invoice? on After you file. October 30, 2019 6:56 AM
- Posted How do you determine who is attributed the investment income for a couple? We file jointly but want to benefit (income splitting) from a lower tax bracket of the spouse? on Getting started. October 30, 2019 6:38 AM
- Posted Hello, is there a way of showing on the form or in a note... on Troubleshooting. October 30, 2019 3:05 AM
October 30, 2019
6:56 AM
The CRA requires you to use the Bank of Canada exchange
rate in effect on the day you received the income. If the amount was paid at
various times in the year, you can use the average annual rate.
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-re...
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October 30, 2019
6:38 AM
Income from a joint investment is reported based on how much each investor contributed. If one spouse contributed 30% of the monies that went into the investment then that spouse will report 30% of the income.
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-re...
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October 30, 2019
3:05 AM
Hello, is there a way of showing on the form or in a note that the expenses have been calculated excluding GST/HST b/c the CRA asks me in audit and I would like to indicate it for the future to avoid follow up questions. thanks.
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