How do I report Foreign employment income (yen) Do I input the amount after I exchange it from YEN to CAD? Or Do I input the YEN and turbotax calculates it?

Forum|Forum|3 years ago
March 24, 2023
1 reply
0 views

No text available

Manjind

Entering any foreign amounts into TurboTax varies depending on the version of software you're using. Before you begin, there are a couple of general things to keep in mind:

You must enter income, pension, and any other amounts into TurboTax, even if your amounts aren’t reported on T-slips
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
For foreign nonbusiness income that isn't on a T-slip (including US Social Insurance), do not convert the amounts to Canadian dollars before entering them. TurboTax converts the amounts automatically based on the exchange rate you enter

To start entering your slip amounts, select your version of TurboTax below, then follow the steps provided.

Instructions for TurboTax Online users

Select Find (or the magnifying glass icon) from the TurboTax menu
In the Find window, type Foreign income and select Go
Select Foreign income from the options that appear, then select Go
When the Foreign Income Summary step appears, add the amount for the slip you'd like to claim
Repeat the steps above for each new slip and amount you need to enter
Select Continue

Instructions for TurboTax CD/download users

Select Find (or the magnifying glass icon) from the TurboTax menu
In the Find window, type t-slips and select Go
Select T-slips from the options that appear, then select Go
When the Entering your federal T-slips step appears, add the amount for the slip you'd like to claim
Repeat the steps above for each new slip and amount you need to enter
Select Continue