# World Income Calculation



## SeanAC (Dec 6, 2010)

The Government is trying to take, or not refund, some GST/HST to me that they wrongly took. They're asking for my wife's 2008 'World Income', as she was not a resident of Canada during that year (nor were we married). They said I can calculate it using the Bank of Canada Exchange rate, which makes sense, but I am not quite clear on how to.

If I am attempting to change her 'World Income' (which I believe is her net U.S income for 2008) into Canadian, well, what exchange rate would I use? The rate on December 31st, 2008 or the median rate for the ENTIRE year? Very confusing. Anyone help?


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## MoneyGal (Apr 24, 2009)

They are telling you to follow the directions posted on the CRA web site here: 

http://www.cra-arc.gc.ca/tx/ndvdls/fq/xchng_rt-eng.html

"If you need to convert your income or deductions to Canadian dollars, you can get the exchange rates for 2010 and 2011 from the Exchange Rates page of the Bank of Canada Web site. It provides exchange rates for various periods (e.g., daily, monthly, annually)."

Scroll to the bottom of the link provided, and choose the annual rate for whatever year you need. 

Here's the Bank of Canada link they provided: 

http://www.bankofcanada.ca/rates/exchange/


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## SeanAC (Dec 6, 2010)

MoneyGal said:


> They are telling you to follow the directions posted on the CRA web site here:
> 
> http://www.cra-arc.gc.ca/tx/ndvdls/fq/xchng_rt-eng.html
> 
> ...


So, if I am looking to convert her 2008 income into Canadian (or 'world income') then I am looking for the average-2007 exchange rate, right?


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