I earned US revenue in 2022 as self-employment, what exchange rate can I use to convert revenue in Cdn dollar? Can I use avg US-CDN by BOC?

Forum|Forum|2 years ago
April 16, 2023
1 reply
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E.g. Jan 5 2022 US$2000, Mar 3 2022 US$1000, Jun 6 2022 US$1000 (total US$4000). Can I use an average 1.3013 average exchange rate published by BOC to convert into Canadian dollar or I have to use a specific exchange rate for that date to convert into Canadian dollar revenue?

BrendaW-US

Please use the bank of Canada exchange rate.

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cycomAuthor

Sorry which rate should I use? Daily rate or Monthly or Annual Rate? Can I use Annual Rate instead of daily rates?

GHarpe

As per our TurboTax FAQ: How do I report foreign income, pension, and other foreign amounts?

If the amounts on your foreign income slip are reported in a foreign currency, convert them to Canadian dollars before entering them. If the amount was paid at various times throughout the year, use an average annual exchange rate.

Thank you for choosing TurboTax.