employer is overseas and does not provide a t4

Forum|Forum|1 year ago
May 6, 2024
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How do I report my sole income is via transfers to my bank account? Employer is overseas and does not provide a T4.

Heidi123

As per the Canada Revenue Agency (CRA):

Foreign employment income is income earned outside Canada from a foreign employer. Report your foreign employment income in Canadian dollars. In general, the foreign currency amount should be converted using the Bank of Canada exchange rate in effect on the day it arises. The CRA also generally accepts an exchange rate from another source if it meets all of the following conditions.

The source is:

widely available
verifiable
published by an independent provider on an ongoing basis
recognized by the market
used in accordance with well-accepted business principles
used to prepare financial statements, if any
used regularly from year to year

If the amount was paid at various times in the year, use the annual average exchange rate.

Do not reduce your foreign income by the amount of tax that the foreign country withheld. Instead, you may be able to claim a foreign tax credit when you calculate your federal and provincial or territorial taxes. See line 40500.

To report your foreign income:

Enter on line 10400 of your return your foreign employment income in Canadian dollars.
If you are using TurboTax, please follow the instructions in How do I report foreign income, pension, and other foreign amounts?

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