This is clearly inadequate on the part of Turbo Tax programming. The T5 slip is one mandated by Revenue Canada for use in reporting interest income. It does have a box 27 that denotes the currency if not Canadian. Proper programming would have a line indicating the exchange rate used as opposed to using Source Country (mickey mouse solution here) when in fact it is not issued by a foreign country but instead is Foreign Currency income issued by a Canadian bank. Saying TT does not convert is inaccurate since TT does convert US$ income on a true foreign slip (ie: US Social Security) where both the US$ amount is entered as well as the exchange rate used. TT then does convert to Cdn$. So to on a T5, TurboTax should convert on the basis of the exchange rate entered.
Your instructions do not clarify whether the income should be recorded in Cdn$ (US$ divided by Exch rate) or in the foreign currency dollar amount. I have chosen to record in the converted Cdn amount and hope i don't have to explain this shortcoming by TT to CRA.
Please escalate this issue to the proper department and hopefully TT will perform better in the future.
