In TaxCycle, where you enter foreign income depends on the type of income you need to report and the slip, form or statement on which the income is reported to your client.
If the taxpayer owns rental property outside Canada, here’s how to claim any foreign income and tax:
When your client answers confirms they have foreign property worth more than $100,000, you must complete the T1135 for the client. Answer Yes to this question on the Info worksheet to activate review messages and electronic filing. Learn more in the T1135 EFILE help topic.
Easily select a foreign exchange rate for forms like the S3M.