Foreign Investments in Canadian Bookkeeping
Foreign investments go into your Canadian books at their cost in Canadian dollars, converted at the Bank of Canada rate on the day you bought…
Reporting Requirements for Foreign Income in Canada
If you earned foreign income, you report it on your Canadian return in Canadian dollars. The CRA’s pages on foreign employment income…
International Travel Expenses in Canadian Bookkeeping
To book international travel expenses in Canadian books, convert every foreign receipt to Canadian dollars at the Bank of Canada rate for the…
Foreign Employees and Canadian Payroll Tax Rules
Foreign employees can trigger Canadian payroll duties in two very different ways: they work here, or they work abroad for a company that is…
Currency Exchange Gains and Losses in Canada
Currency exchange gains and losses are taxed one of two ways. If the money belongs to your business, the gain or loss is income or an expense.…
International Tax Withholding for Canadian Payers
If your business pays money to someone outside Canada, you may have to hold part of it back and send it to the CRA yourself. Part XIII tax is…
Accounting for international shipping and logistics
To account for international shipping in Canada, record three separate things for every shipment: the cost of the goods, the freight and fees…
Tax on International E-Commerce Sales in Canada
International e-commerce means GST/HST applies as soon as you sell to buyers in Canada and pass $30,000 in taxable sales. That holds for a…
Payroll Record Keeping Rules for Canadian Employers
How long do you have to hold on to payroll records? Six years from the end of the last tax year they relate to. Payroll record keeping works…
Bookkeeping for a Canadian Business With US Customers
Bookkeeping for a Canadian business with US customers comes down to three things: record every US sale in Canadian dollars, keep proof of…