exchange rates ???

[jfgeneral]

We had some Canadian income before we moved to US early 2008, big tax withholding was taken based on our income in 2007. Now the questions: when we report my Canadian income to US, what exchange rate should we use? I guess average rate of the several months when we were in Canada. But we are supposed to receive big refund from Canada after we file our Canadian tax returns, the refund will only be worth less than 80% of the amount when it was withheld. Where and how should we use exchange rates to file our US tax returns to include the exchange rate loss? In other words, can we use current exchange rate for the withholding part when we report our Canadian income? then what exchange rate should we use to calculate our foreign tax credit? Thanks.

[nelsona]

C'mon. Your Cdn taxes were accrued AND paid in the first part of 2008, and that is the rate you use. The refund doesn't even enter into the picture.

It's not income, and, since it was refunded, its not even tax.