Personal Finance

Online income - Currency conversion question

  • Last Updated:
  • Apr 3rd, 2020 12:55 pm
[OP]
Newbie
Mar 31, 2020
4 posts

Online income - Currency conversion question

Hi everyone,

I make some income online which gets paid to my PayPal account in US Dollars. When I transfer the funds from my PayPal account into my Canadian bank account, PayPal applies a conversion from USD to CAD.

When I report this income on my tax return, do I report what I actually receive in my bank account (i.e. after PayPal's conversion) or do I look at the USD amount and convert it to CAD myself using Bank of Canada's annual conversion rate and report that number?

Thanks for your help!
2 replies
Deal Addict
Jun 18, 2018
1333 posts
831 upvotes
Toronto
Report what you receive in your bank account after Paypal's conversion to CDN.
[OP]
Newbie
Mar 31, 2020
4 posts
Electrah wrote: Report what you receive in your bank account after Paypal's conversion to CDN.
Thank you.

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