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How to plan currency permit

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whats up this chat Christopher here welcome back to another video so this is gonna be the very first video in the journey to finishing a basement series so were in my house right now downstairs in the basement is completely unfinished and Im going to finish it I have a goal to have it finished by August so it is currently April so Ive got a couple months there Ive got a baby coming so my wife really wants the basement done by then so thats the goal I have no idea what Im doing Ive never done anything like this before so I wanted to document the journey if any of you guys out there are thinking of finishing your basement or you know just kind of want to come along for the ride and see what goes into it the reason Im doing this video is theres a lot of these kinds of videos out there right but theyre really all taught by like professionals people who do this for a living and there arent too many out there the documented well at least that are just kind of doing it for the fi

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What is functional currency for tax purposes?

Your functional currency generally is the U.S. dollar unless you are required to use the currency of a foreign country. Note: Payments of U.S. tax must be remitted to the U.S. Internal Revenue Service (IRS) in U.S. dollars. You must make all federal income tax determinations in your functional currency.

Is $10000 per person or family Canada?

When you arrive, you must tell a border official if you are carrying more than C$10,000 (per family if travelling as a family). If you bring more than C$10,000 (or the equivalent in another currency) per family or as single traveller into Canada, you must declare the amount when you arrive.

What happens if you declare more than $10000 Canada?

When leaving Canada by air with currency or monetary instruments valued at CAN$10,000 or more in your possession, you must report to the CBSA office within the airport before clearing security. Prior to leaving Canada by land, boat or rail, report to the CBSA office nearest your location.

What is an example of functional currency?

The company chooses euros as the functional currency because it is the local currency. In another circumstance, a Mexican company with most of its operations in the United States would use the U.S. dollar as its functional currency, even if its financial statements are expressed in terms of Mexican pesos.

What is meant by functional currency?

A functional currency is the main currency that a company conducts its business. As companies transact in many currencies but report their financial statements in one currency, the foreign currencies have to be translated into the functional currency.

What is functional currency in CRA Folio?

A corporation resident in Canada throughout the tax year can elect to report in a functional currency. A functional currency is the currency of a country other than Canada that is both: the primary currency in which the corporation keeps its records and books of account for financial reporting purposes for the tax year.

How much cash can you legally carry in Canada?

Monetary instruments include, but are not limited to, stocks, bonds, bank drafts, cheques and travellers cheques. There are no restrictions on the amount of money you can bring into or take out of Canada, nor is it illegal to do so.

What is Canada tax functional currency?

A corporation resident in Canada throughout the tax year can elect to report in a functional currency. A functional currency is the currency of a country other than Canada that is both: the primary currency in which the corporation keeps its records and books of account for financial reporting purposes for the tax year.

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