Foreign income or foreign property
Canadians are required to report their worldwide income. Through
tax treaties with other countries, Canada has access to this
information and therefore can help estimate your tax
obligations.
In addition, the foreign tax you paid can be used as credits
towards your Canadian taxes.
It is mandatory to declare all foreign income and any tax paid
on that income.
For more information, please visit the following link:
https://travel.gc.ca/travelling/living-abroad/taxation?_ga=1.224664218.1813978369.1393960439
To report your foreign income or foreign property, please follow
the steps below:
1- In the "Left side menu on the Interview tab", please
select "Interview setup".
2- On the right-hand side of the screen, go to the "Investment
income and expenses" group, and check the box "Foreign
income or foreign property (T1135)" and click "Next" at
the bottom of the page.
3- Return under the "Left side menu in the Interview tab",
select "Foreign income and property".
4- On the right-hand side, you can select the item based on the
foreign income or property that applies to your situation and
complete the page accordingly.
5 After having made your selection and to convert your foreign
currency, enter the "Exchange rate to apply" to
convert to Canadian dollars. Then enter the amounts in
your foreign currency. The program will automatically convert
the amounts to Canadian dollars. The amounts will appear in
Canadian dollars in your tax return.
You can get the exchange rate for the current year by visiting
the following link:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/frequently-asked-questions-individuals/what-average-exchange-rates.html
ID: 20191119164216MA.xml
Webpage: KPA360-20191119164216MA.htm
