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New Member
posted Apr 4, 2024 6:19:00 PM

For downloaded T5s with "USD" in Box 27, does TurboTax 2023 automatically convert Box 15 and 16 to CAD?

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1 Replies
Intuit Alumni
Apr 5, 2024 6:17:18 AM

When entering this information on your return any foreign currency needs to be entered in Canadian currency. TurboTax doesn't do any currency conversion. 

As per the Canada Revenue Agency (CRA) Foreign income and foreign taxes must be converted to Canadian dollars. Use the Bank of Canada exchange rate in effect on the day that you received these amounts. If you received a monthly pension or multiple payments at different times during the year, use the average annual exchange rate. The average monthly rate and the daily rate are available by visiting the Bank of Canada.

 

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