I live and do business in Canada. When I receive payment from a person residing outside of Canada, I receive it in the currency of that country. I then transfer it to my Canadian bank. At that time, Paypal charges me a Currency Conversion Fee. That is fine, but I would like to report the Currency Conversion Fee as a business expense in Canada. Right now, I convert sales in foreign currencies to Canadian dollars at the rate set by the Bank of Canada and report them, so I am not reporting the Currency Conversion Fee charged by Paypal. But I don't know how much Currency Conversion Fee Paypal is taking from me. How can I find out the amount and report it as a business expense? Thank you very much.
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