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Microstock Photography Forum - General => General Stock Discussion => Topic started by: charlesknox on March 21, 2009, 15:27

Title: Question for all the canadians out there
Post by: charlesknox on March 21, 2009, 15:27

I'm filling out my income tax return and had a question

For income tax forms, how does conversion of US dollars work ie. what date/rate should be used to enter the total? Any ideas? the conversion rate on december 31st? what do you guys do?

Thanks!

Title: Re: Question for all the canadians out there
Post by: Pixart on March 21, 2009, 15:33

I use the actual conversion rate on the day that I converted it through PayPal.  You should be able to find it in your history, or does it go back more than 6 months on PayPal.

Title: Re: Question for all the canadians out there
Post by: charlesknox on March 21, 2009, 16:24

Thanks a lot! :)

Ill see what i can do about that thats a great idea

Title: Re: Question for all the canadians out there
Post by: tan510jomast on March 21, 2009, 16:53

that's right Pixart got it. your income is based on the exchange rate of your deposit.

Title: Re: Question for all the canadians out there
Post by: PeterChigmaroff on March 23, 2009, 00:18

If you have no conversion rate or keep money in USD for some reason. CRA publishes an average conversion rate for use for income tax purposes that is good for the whole year.

Title: Re: Question for all the canadians out there
Post by: melking on March 23, 2009, 09:00

Quote from: Zeus on March 23, 2009, 00:18

If you have no conversion rate or keep money in USD for some reason. CRA publishes an average conversion rate for use for income tax purposes that is good for the whole year.

Ya my accountant put it in as average over the year.

Title: Re: Question for all the canadians out there
Post by: charlesknox on March 23, 2009, 09:06

Oh wow that seems easier lol!

Thanks everybody