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Investors and rental owners
I can understand why there is no foreign exchange rate box to convert foreign income on T5's. There is only exchange rate box for foreign income. But in the help section of Turbox, the following information can be found:
"If you are entering a foreign amount through the T-slip entry screen, report it in the foreign currency in which you received it. In the exchange rate box, use the exchange rate that was in effect on the day you received the income or paid the expense. If the amount was paid at various times throughout the year, use an average annual rate. To find the average exchange rate, see the Bank of Canada's Exchange Rates web page."
T5's are also entered through the T-slip entry screen. Doesn't this cause confusion? confusion.
‎April 11, 2024
7:34 PM