Charmus asked:
In 2007, I have had about USD $1,500 (after business expenses) in net income from US sources while employed and living in BC, Canada. Do I need to report it on my return, and if yes, as what? Foreign professional income (no options for business expenses) or regular professional income? Isn’t there a limit for foreign self-employment income, under which one does not have to report it?
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1 user responded in this post
Yes, u need to report the business (professional or self employed) income on the tax return, because u are taxable on your world income as a cdn resident taxpayer. There is no exemption for “small” amount ($1500), domestic or foregin income, to be reported on the tax return.
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