Flipping profits and Canadian taxes

[Patrick Britton]

Hi,

Anyone have an idea how profits from a flip done in the USA are treated tax-wise when the funds are brought back to Canada?  

A little birdie with the CRA told me that it's typically treated as foreign income, which is treated as "regular" income for tax purposes.  As well, how are gains or losses in the currency treated?  

any thoughts on this are appreciated.