For
entrepreneurs, my USD to CAD conversion workflow:
(Add Transferwise as USD bank in PayPal)
1. Get paid in USD via PayPal
2. Send USD from PayPal to Transferwise
3. Wait for USD to be
4. Convert USD to CAD on Transferwise
5. Transfer CAD to my Scotiabank CAD account
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You'd calculate the CAD income tax on the day you received the USD yes, but I think there are capital gains to consider if you hedge the currency favorably for yourself over time. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-127-capital-gains/completing-schedule-3/bonds-debentures-promissory-notes-other-similar-properties/foreign-currencies.html … But I'm no accountant either, so add a grain of salt here.
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So this would be the difference in the currency exchange value between when you received the USD income to when you actually converted to CAD.
- Pokaż odpowiedzi
Nowa rozmowa -
Wydaje się, że ładowanie zajmuje dużo czasu.
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