Canadian camgirls and payment question?

[JessicaMarie_]

Hi! (This is my first post on here I hope im posting in the right area sorry in advance!)

I used to live in the USA and get direct deposit from every payout on mfc, but I have recently permanently located back to my home country Canada. Now that im back in Canada I dont have the option of getting direct deposit anymore so I chose to get cheques in the mail which im happy with and I prefer getting checks rather then the other option mfc would have had me choose from. Anyways, everytime I go to the bank to deposit my cheque I usually come out with quite alot more income then my actual check because of the exchange rate and it raises a question to me

-Do I get taxed more when tax season comes? I live in BC and I believe the tax rate is 30% but im just wondering do I get seperatly taxed on the exchange rate income or do I just get to keep it all on the exchange rate?

I ask this because, I cant remember where I heard it but someone told me something along the lines that if you get a good amount of money from an exchange rate from depositing a check you will have to pay extra taxes or youll get taxed seperatly from your income AND exchange rate
(I hope that made sense lol..)
Any info or experience with this kinda thing would be awesome

 

[JimsX]

I will try to confirm this for you, but going off my memory, my accountant converted my income from USD to CAD for my tax return (I am a contractor for a US company, but I live in Alberta; not a camgirl / boy lol). I remember her texting me to confirm that my pay was in USD and she said she had to flip it to calculate what I owed. It was a disappointment for sure after getting nice, fat USD cheques. I will try to get in touch with her and confirm unless someone else jumps in first to say my memory is faulty

One thing I do remember for sure because it annoyed me is as a self-employed individual you must pay both the employer and employee portions of CPP. Just a heads-up

 

[JerryBoBerry]

Read this site.

Foreign employment income is income earned outside Canada from a foreign employer. Report this income in Canadian dollars. Use the Bank of Canada exchange rate in effect on the day you received the income. If the amount was paid at various times in the year, you can use the average annual rate.

The average annual rate is defined here and can be looked up on the website mentioned on that page.

So yes. To me it looks like you pay taxes on your income after you apply that days exchange rate (or the average if you need to). But really I think they want you to keep the records of the exchange rate for each time you're paid and claim the actual money you get there in Canadian dollars.

Bummer news, I know. Sorry.

 

[lexi_love]

Hi, Canadian camgirl here. I have to claim the amount I earned in Canadian and am taxed on the Canadian amount. Think of it as you just earning your pay in Canada instead of US because to CRA the US side means nothing.