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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Pokaż ten wątek
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W odpowiedzi do @mijustin
I would think there are tax implications with this? Specifically re: #3
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W odpowiedzi do @JamesAddison
(disclaimer I’m not an international tax attorney) There is no additional tax implication. You are still receiving income and paying tax on it here in Canada.
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W odpowiedzi do @mijustin
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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W odpowiedzi do @JamesAddison @mijustin
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.
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W odpowiedzi do @JamesAddison @mijustin
Yes. And if you’re using an accounting platform (you should be) foreign gain / loss should be set-up. Xero counts gain as income and loss as expense.
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Yup. @wave_apps does this as well.
Wydaje się, że ładowanie zajmuje dużo czasu.
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