Foreign Exchange Gain Loss Accounting
foreign exchange gain loss accounting
exchange rate gains/losses?
ADSENSE
I just read today that foreign exchange gains/losses are taxable. I’ve converted CAD to USD and invested in USD stocks for many years but never reported the foreign exchange gains/losses beyond converting the value of each USD trade into CAD using B.O.C. rate at the time. Most of the money are still in USD. How should I account for foreign exchange gains/losses for tax-purporses in this case?
You have been accounting for your trades correctly. If most of your money remains in USD, you will not have to account for any foreign exchange gains or losses until the money is exchanged. You can refer to the CRA’s website for the foreign exchange rates of each tax year.
Davos Annual Meeting 2010 – Global Economic Outlook
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Using foreign exchange gains/losses to reduce costs.(treasury): An article from: Financial Executive $9.95 This digital document is an article from Financial Executive, published by Financial Executives International on May 1, 2009. The length of the article is 856 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Using foreign exchange g… |
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UK Taxation of Foreign Exchange Gains and Losses (Tax Digests) … |
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Translating foreign currency financial statements: Accounting for exchange gains and losses … |
