Hey guys, I've been reading the board and find a lot of discussion about us canucks and the GST with regards to clickbank...but what I can't seem to find is how we convert our US dollar earnings to loonies for tax purposes...do we take the average conversion over the entire year. Example If you make 10,000 USD in the year and the average conversion is say 1.2000 10,000 X 1.2000 = 12,000 CAN...you would declare 12k as income? I know most responses will be "ask your accountant"...but I don't have one and this is really the only question I have. Thanks to all
To convert your usd dollar earnings to canadian, from what I know the cra requires you to use the bank of canada rate which you can find here http://www.bankofcanada.ca/pdf/nraa08.pdf so what ever you earned in usd multiply it by the rate you see there for usd to get the value in Canadian dollars. Disclaimer: I am not an accountant, this is what I have found out from my own research