I have my 200+ trades converted at the daily CRA exchange rate. When I change the T5008 data submitted by TD/ToS to include both book value and disposition amounts which are NET( TD submits only GROSS disposition values in USD) and converted into CAD the day rate, CRA will not be able to reconcile against TD/ToS submission. If CRA were to inquire, I have a detailed 15 page excel spreadsheet report to back my submission up.
Will Turbotax please include T5008 BOX 13, convert using CRA USD Rate, or provide user option of entering exchange rate so Foreign T5008 converted to CDN automatically? I have over 500 transactions to type into a spreadsheet, convert to USD, and then re-type into Turbotax. Why not include a field to convert automatically?
I agree this part of TurboTax needs to have better features.
I autofilled from CRA and all the values are numerically correct, but a mix of CDN and USD values. And no indication which one is which! I have to compare them to the trading record the bank sent with my T5, T5008.
A way to download the T5008 entries from Turbotax into a csv file is needed; a way to upload entries from a csv file and add to what's already in the t5008 list is needed, and a command to wipe out the entire T5008 list (in preparation for uploading the new csv file with all the entries and currencies converted).
There isn't any way to get just the T5008 form either so we can't somehow extract what is already entered. Can't save as a pdf yet either, which could have been converted to text to extract the T5008 data.
This is one of the most awkward things in TT.
I don't get why the auto transferred 5008s are showing everything in USD. They should convert automatically to CAD or atleast have box 13 to show they're USD.
I had 500 plus USD transactions which I had to manually enter into CAD.
This needs to be fixed!
I cannot believe this is wrong? TurboTax autofill t5008 from CRA but do not take care of currency exchange. So, it is totally wrong when those stock trades are USD currency. That means we have to delete them one by one and then input manually with converted CAD number. It this is truth, then what is the point TurboTax auto-fill it? This creates big confusion to me.
That is correct, it seems the auto-fill is only correct if all the trades are CDN. I do not understand why CRA still permits both CAD and USD versions to be mixed together. It is also not clear where the problem is, maybe the CDN/USD information is missing when the broker sends it to CRA.
Anyway, the USD do need to be converted. The most accurate way is to make an Excel sheet and use the exchange rate for each trade and then enter the values into TurboTax.
On the TaxTips.ca site (https://www.taxtips.ca/filing/reporting-foreign-transactions.htm) it states we cannot use the average annual exchange rate (I haven't looked on the CRA site exactly where it states this), but we truly have no choice. If the shares were bought at different times and even in different years and then sold in 2021, the average cost of the shares includes a mix of more than one exchange rate. If I transferred $500 and then $1,000 CDN into a USD trading account and then bought US shares in 2021 - do I use 33% of the exchange rate of the $500 xfr and 66% of the rate for the $1,000 xfr for the stock purchase, or the rate when I bought the shares because that's what their CDN value would have been on that day even though I used US dollars from a different rate? That becomes so complicated, it's guaranteed to be inaccurate.
So I use the annual CAD-USD exchange rate, found on https://www.bankofcanada.ca/rates/exchange/annual-average-exchange-rates/
CRA says this rate should only be used for "income throughout the year" but in a way, my trades are throughout the year so I apply the same logic.
(That's my view about the only way this can be done reasonable and accurately, I'm not a certified financial person)