You’re done Now your PayPal account is ready to receive International payments in currencies of your choice. On the subsequent popup, simply click on Manage currencies, then on the following page Add Currency. Log in to your PayPal account, click on Wallet, then click on PayPal balance. Her team of CPA’s provides tailored accounting and tax solutions to ensure your business is built on a strong foundation, positioned for growth, allowing you to spend more time in your Zone of Genius. For private (non-commercial) PayPal account users. For instace, if I have a transactions in PayPal for 40 EUR, QuickBooks imports it as 40 CAD This is fundamentally wrong. QBO completely ignores the currency of all transactions in PayPal and imports them in CAD. QBO completely ignores the currency of all transactions in PayPal and imports them in CAD. As an added bonus, when you go through the sign up process for a merchant account with BluePay, you can get one account in CAD and one in USD. Being able to invoice a customer in USD is not good enought. Jennifer Kapedani CPA, is the founder of a full-service accounting practice. PayPal invoices allow you to submit requests for payment to clients through a customizable template, which includes options like description of services, numbered invoices, and personalized. Being able to invoice a customer in USD is not good enought. Make sure to consider this when you are pricing your products!Īlso, be prepared for your Canadian customers to ask for an invoice showing that HST as a separate line - they will want to claim that Input Tax Credit on their returns! This means that every month, you should take a look at what you have billed to Canadian customers, back out the HST out of that total, and record that as your HST Liability (i.e. If you are not adding HST onto your bill at checkout, then you will need to back it out of your total Canadian Revenues. More information is available on PayPals website. If working with an international client, you will pay a PayPal fee of 4.4 plus a fixed fee based on the country. 13%), but be wary that Canadian Customers may not be thrilled with having to pay USD and then having their HST converted to USD as well. How do they add HST if they are set up to charge in USD Depending on your e-commerce platform, you may still be able to charge HST on that USD base amount, and the HST will show up in USD as well. The cost of each payment received through PayPal is 2.9 plus US/CAD0.30 for sales within the US and Canada, respectively. When converted to Canadian is still ends up being the correct rate (i.e. How do they add HST if they are set up to charge in USD?ĭepending on your e-commerce platform, you may still be able to charge HST on that USD base amount, and the HST will show up in USD as well. The next question is how do they charge USD? The rate charged is going to be based on where they are located when consuming your product. If your customers are in Canada, regardless of whether you are selling in USD or CAD, you do still need to charge your Canadian customers HST. ![]() One of the most common questions I've received recently comes from those Canadian business owners who are selling digital products (online courses, memberships, etc.) and charging USD.
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