Seniors and students

I agree. I had the same confusion when I have my Turbotax T5008 auto filled from CRA.

Our T5008 tax slips issued by self-directed trading brokerage do have Box 13 "Foreign Currency", but it is missing from Turbotax software T5008.

 

I had to consult accountants and the self-directed trading brokerage about how to report US stock transactions on T5008 as we know per CRA "You should report all amounts in Canadian currency, unless the transaction meets the requirements explained in Foreign currency reporting."

 

Accountants said their tax software has Box 13 available to indicate the currency code on T5008, which makes the currency conversion easy and straightforward.

The Brokerage said unfortunately we have to manually calculate and convert box 20 and box 21 into CDN$, which is not fun.

 

I noticed that someone replied by quoting from CRA website "Foreign currency is usually converted to Canadian funds before it is credited to the recipient's account."

but please continue reading the rest part. "However, certain taxpayers keep foreign currency accounts and choose to convert their account balances themselves. If you get proceeds of disposition in a foreign currency and deposit the amounts to your client's foreign currency account without converting them to Canadian funds, you can report in the foreign currency that applies. Identify foreign currency amounts by entering in box 13 the applicable currency code under international standard ISO 4217."

 

I wonder when would Turbotax fix this loophole, it makes no difference as we file T5008 by handwriting each box on paper.

 

https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/comple[product key removed]ri...

 

Foreign currency reporting

Complete all T5008 slips in Canadian currency. Use the exchange rate that was in effect at the time of the transaction or an average rate that includes the transaction period.

Foreign currency is usually converted to Canadian funds before it is credited to the recipient's account. However, certain taxpayers keep foreign currency accounts and choose to convert their account balances themselves. If you get proceeds of disposition in a foreign currency and deposit the amounts to your client's foreign currency account without converting them to Canadian funds, you can report in the foreign currency that applies. Identify foreign currency amounts by entering in box 13 the applicable currency code under international standard ISO 4217.