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Level 1
posted Mar 3, 2023 12:17:51 PM

How to report T5 dividend income from USA within turbo tax to maximize credits.

I received T5 investment income from dividends from US ETFs. My T5 also shows the withholding tax. However, the T5 came in USD. Using turbo tax, do I enter in the T5 box 15 income as the CAD equivalent and then box 16 as the CAD equivalent (using exact day or average fx rates)? Do I still need to enter it as from USA as the foreign country if i convert it? I just want to make sure I report correctly as not sure if turbo tax automatically does this if i enter it in $USD and also to make sure to get the foreign tax credit on the withholding that was paid in USD that needs to be converted into CAD. Does turbo tax do all the FX or do i need to calculate that myself?

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1 Replies
Level 15
Mar 13, 2023 5:13:34 PM

Yes, as the T5 is a Canadian tax slip. You do not need to enter it as foreign income. 

 

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