Thank you for your question.
As per the Canada Revenue Agency (CRA), Foreign exchange gains or losses from capital transactions of foreign currencies (that is money) are considered to be capital gains or losses. However, you only have to report the amount of your net gain or loss for the year that is more than $200. If the net amount is $200 or less, there is no capital gain or loss and you do not have to report it on your income tax and benefit return.
Report your net gain or loss in Canadian dollars. In general, the foreign currency amount should be converted using the Bank of Canada exchange rate in effect on the day of the transaction.
Capital losses are claimed by completing 5000 Schedule 3, and allowable losses may be used to offset gains within the current year, up to three years prior, or carried forward to future years, depending on the situation. You'll enter a foreign exchange capital loss in the
Bonds, debentures, promissory notes, crypto-assets, and other similar properties
section on the Schedule 3 form.
To enter a capital loss in TurboTax Online:
Select "capital gains and capital gains deduction profile" from the list of results, and then select Go
Here is a link to the CRA website for more helpful information - Foreign currencies.
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