To report foreign employment income not included on a T4 slip:
- Add the Other Foreign Income & Foreign Tax Credits section to your tax return
- In this section, enter your foreign employment income details:
- Enter the amount in Canadian dollars, or
- Enter the amount in foreign currency and provide the exchange rate
- When you include both the source country and foreign tax paid, Wealthsimple Tax will automatically calculate your foreign tax credit
Important notes:
- This process is for foreign employment income not reported on a T4 slip
- Use the Bank of Canada's annual average exchange rate for the tax year when converting foreign currencies
- Ensure you report all foreign employment income for accurate tax calculations
Remember:
- Keep records of your foreign employment income and any taxes paid abroad
- Different tax treaties may affect how your foreign income is taxed in Canada
If you have questions about reporting foreign employment income or currency conversion for tax purposes, consider consulting with a tax expert. If you need assistance entering this information in Wealthsimple Tax, please contact Wealthsimple support.
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