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!
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!