T2209 - Net foreign non-business income

albertan · Post by **albertan** » Fri Feb 27, 2015 1:44 am

I am a Canadian resident who worked in the US for part of the last year. I recently filed my US taxes using the W-2 slip I received.

Now I am trying to complete my Canadian return, and am not sure what to include in the "Net foreign non-business income" box. I know the gross pay I received in the US from my salary, but I also received several benefits which were taxable in the US, including relocation and fitness benefits. In addition, the amount in box 1 of my W-2 form is even greater still than the sum of my gross pay and US taxable earnings.

Which amount do I report as Canadian income? My best guess is to add my gross salary plus the (US-taxable) benefits I received, but this still does not include the mystery compensation added to the first box of my W-2 by my employer.

nelsona · Post by **nelsona** » Fri Feb 27, 2015 6:02 pm

Everything on your W-2 is income to report in Canada.

nelsona · Post by **nelsona** » Fri Feb 27, 2015 6:03 pm

The extra compensation for moving expenses is also taxable in Canada.

albertan · Post by **albertan** » Tue Apr 14, 2015 9:53 pm

Thanks, nelsona.

How should I determine the exchange rate to use for this discrepant amount? Is it appropriate to apply the daily average rate to my salary based on the day it was paid into my account, and then apply the yearly average to other benefits that do not have a specific pay date noted on my pay stubs?

Further, what date shall I use when calculating the exchange rate for the amount of non-business income tax I paid to the USA?

nelsona · Post by **nelsona** » Wed Apr 15, 2015 5:48 am

average is fine