Self-employement or foreign income?

lucas_2005 · Post by **lucas_2005** » Wed Apr 13, 2005 4:48 pm

Hi,

I've been living in Vancouver, BC, since September 2004. I'm working from home, as a Software Consultant, for a French client. I'm sending them invoices in euros, and they pay me by money transfers into my Canadian account. Do I have to report this income as "Foreign Income" or as "Self-Employement Income"?

Thanks alot in advance!
Lucas

nelsona · Post by **nelsona** » Wed Apr 13, 2005 10:08 pm

Both.

There is no such category as foreign income. Any income can be foreign, if it comes from a foreign source.

<i>nelsona non grata... and non pro</i>

lucas_2005 · Post by **lucas_2005** » Thu Apr 14, 2005 2:36 pm

Hi, and thank you so much for your answer!

Is it OK if I don't mention anything in the "Foreign Income" section?
Also, what should I report, the amount that entered into my account or the original amount (in euros) multiplied by the exchange rate of the day?

Thanks again!
Lucas

nelsona · Post by **nelsona** » Thu Apr 14, 2005 2:59 pm

I am unaware of a foreign income 'section'. Identifying any income as foreign entitles you to claim a foreign tax. Note that foreign property is not the same as foreign income.

The only income which have to be specifically listed as foreign is foreign wages. Your income is not a wage.

As to what exchange rate to use, you choose.

<i>nelsona non grata... and non pro</i>

lucas_2005 · Post by **lucas_2005** » Thu Apr 14, 2005 11:27 pm

Hi Nelsona,

Thanks again for your answer, I think I finally get it

Cheers!
Lucas