Income from other countries
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Income from other countries

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This topic contains 1 reply, has 1 voice, and was last updated by Avatar of Robert Robert 7 years, 11 months ago.

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  • #5049
    Avatar of Robert
    Robert
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    We have a question from a client:
     
    Some of my business income is from other countries. How do I handle this on my Canadian income tax form?

    #5050
    Avatar of Robert
    Robert
    Member

    Foreign business income is reported similarly to business income earned in Canada. If denominated in foreign currency, the information must be converted to Canadian dollars using the average exchange rate for the reporting tax year. A foreign tax credit may also be claimed if taxes were paid in the other country. Individuals who have business income or expenses should complete Form T2125 Statement of Business or Professional Activities. Information for each business must be reported on a separate Form T2125.

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