Intuit,
Why do you not understand this??
Canadians can have non-registered trading accounts, RRSP trading accounts, and TFSA trading accounts. Inside each of these, we can have Canadian dollar sides of the account and US dollar sides of the account.
When we buy or sell on the US dollar side of the account the purchase and sale of the stocks occurs in US dollars, and stays in US dollars, in the cash balance, in US dollars, in that USD side of the account. It never changes to CAD.
The only time a "conversion" happens, is if someone buys a US stock and does that buy or sell in the Canadian dollar side of their account. In that case the amount debited or credited will be in CAD. However, everyone is asking about properly supported the buys and sells that happen in the USD side of the account.
At the end of the year, a T5008 will be issued for each buy or sell of stocks in the CAD or USD sides of the account. For buys or sells in the US side, the T5008 will show "USD" in box 13. That detail is in the end of year report my bank sends me, and is also visible when I look at the T5008s when I log into CRA. It's just Intuit that throws away that critical bit of information.
If Intuit is not aware that we can have USD and CAD sides in a trading account, and doesn't understand that a buy or sell done in the USD side is always in US dollars, and has been that way for decades, why is Intuit writing tax software?
