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IT'S BEEN A TAX-ING DAY! You have no idea what a pain it is getting income from the USA while living in Canada. The tax slips I get are useless since they are on the cash basis. I have to report my royalties on the accrual basis. To make matters worse, book sales take place all over the world so there are exchange rates from different currencies to the Canadian dollar. How I long for T4 slips. Oh well. The fun continues tomorrow.     Elaine Shuel |
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Hope that it all turns out okay!! Sounds complicated!! Warm Hugsssss~~~~
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Hope that it all turns out okay!! Sounds complicated!! Warm Hugsssss~~~~  I'm sure it will be fine. It just takes a long time.Elaine Shuel
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I'm Canadian. Royalties have to be reported on an accrual basis. I checked high up in the tax dept since I was getting different answers years ago. My royalties and other business income are reported on a T2125 in my personal tax return. No corporate tax return is required. Thanks Bob. Elaine Shuel
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Yes, that is how form T2125 works as well. Elaine Shuel
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Thanks Pat. Yes I will be getting used to talking to myself anyhow, given I won't be talking to anyone else for 10 days starting Thursday.  Elaine Shuel
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It's a pain but thankfully is only done once a year. Thanks RosesLady. Elaine Shuel
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