Always report your worldwide income to CRA.
I receive an American pension because I worked 27 years to earn a retirement pension.
I know there is a tax treaty between Canada and the US.
I got 600.00 refund from the US but owe CRA 600.00. Not a typo. Lol.
I go to the tax company today to sign my form but am thinking I owe because of foreign exchange gains. I moved around 75k US dollars and gained about 27 percent when I exchanged it for Canadian dollars. That is the only thing I can think of as I don't have any other income.
I completed an fbar and gave a copy of it to the tax company so maybe they used that to determine my currency exchange gain. My interest earned was only 27.00 as I spent the money quickly.
I receive an American pension because I worked 27 years to earn a retirement pension.
I know there is a tax treaty between Canada and the US.
I got 600.00 refund from the US but owe CRA 600.00. Not a typo. Lol.
I go to the tax company today to sign my form but am thinking I owe because of foreign exchange gains. I moved around 75k US dollars and gained about 27 percent when I exchanged it for Canadian dollars. That is the only thing I can think of as I don't have any other income.
I completed an fbar and gave a copy of it to the tax company so maybe they used that to determine my currency exchange gain. My interest earned was only 27.00 as I spent the money quickly.
