This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.
As a Canadian resident, receiving alimony payments from the USA...do I have to claim all payments rec'd, or just the amount that I actually bring over to Canada.? Right now, my payments go to my us bank account, and I withdraw as needed. And if so, what method of conversion do I use, when the bank rate changes daily?
Lastly, is there anything specifically I should know, that the average girl just isn't thinking of at this point. Thanks..
If you withdraw large amounts only once or twice a year, use the exchange rates on those days. If you withdraw frequently during the year, use the Bank of Canada average rate for the year. The converter for a particular day in the last 10 years is here: http://www.bankofcanada.ca/rates/exchan ... converter/, and the annual averages in in this document: http://www.bankofcanada.ca/stats/assets ... a-2013.pdf. The US average in 2013 was 1.02991480; I am using 1.03. So for example, if you withdrew a total of USD 20,000 in 2013, declare CAD 20,600 on your T1.
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