I received a T5 slip for the USD fixed deposit I placed with a Canadian bank. Box 13 "Interest from Canadian Sources" shows the interest income earned for 2023, however the amount is in USD, as indicated by the currency code in box 27. How could I show that my T5 interest income is in USD, not CAD in Turbo Tax? It doesn't seem there's a field to show that the currency is in USD.
If the amount on your slip is in USD, then you will need to convert it to CAD and change the amount. The exchange rate can be found in this Bank Of Canada webpage: Exchange Rates
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If the amount on your slip is in USD, then you will need to convert it to CAD and change the amount. The exchange rate can be found in this Bank Of Canada webpage: Exchange Rates
Thank you for choosing TurboTax.
Hi there - Box 13 of my T5 indicates "US" but Box 27 is blank; might the "US" in Box 13 be a typo? Or should I convert to CAD using the Annual exchange rate to convert to CAD and report in CAD? https://www.bankofcanada.ca/rates/exchange/annual-average-exchange-rates/
Box 13 should show the amount of interest income earned from Canadian sources, not the currency code. I think you could check the information on your T5 against your bank statements/records to see if you have USD interest income and whether the amount is correct. If not, you would need to speak to your bank. If correct, then yes, you would need to convert the USD income to CAD using the Bank of Canada average exchanges rates for 2023, assuming your income is earned throughout the year.