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posted Mar 25, 2022 3:18:30 PM

Help: How do I report sales of US stock from foreign (Korean) bank

Hi,

I am a Canadian resident. I had some extra (equivalent to about CAD$10,000) funds in South Korea's bank account. I invested in US stocks through online trade but ended up losing CAD$4,000 in 2021. I need to report this capital loss in Canada's tax report. In South Korea's bank, there are no official tax slips like T5008 but showed a tax summary webpage calculating a total capital gain or loss in 2021 with individual stock sales transactions in Korean currency. It says that I don't need to report it to South Korea's tax return report as there was no gain.

Where in turbotax do I need to put this information?

I thought that I can input these transactions using a Korean bank's tax summary webpage by converting amounts to CAD as a non-slip based transcations in Schedule 3. Is this correct?

I see that I can select under "Your capital gains profile for 2021 --> Sold stocks, bonds, cryptocurrency~~" 

 

Or should I do this under "Foreign income" section where I can only record total capital gain or loss without stock trade information but I don't have an official tax slip.

As T5008 slips were provided for transactions in the Canadian bank, these stock sales were recorded in the T slip income section.

 

Thank you very much for your help in advance.

Charles

 

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1 Replies
Level 4
Apr 13, 2022 11:07:47 AM

As your capital loss involved foreign income, it should be entered into your tax return using the Foreign Slip. When you enter your amount as “Foreign capital gains/losses”, it will automatically be added to Schedule 3.

 

When you enter your amount of loss, you need to make sure that you convert it into Canadian dollars. You can get the exchange rate from this Bank of Canada webpage: Exchange Rates

 

To get to the Foreign Slip in TurboTax CD/Download EasyStep Mode:

  1. Select Find (or the magnifying glass icon) from the top right in the blue icon bar.
  2. In the Find window, type “t-slips” and choose “t-slips” from the list. Then click “Go”.
  3. Check off “Foreign Slip”, then click the “Continue” button until you get to that page.

To get to the Foreign Slip in TurboTax CD/Download EasyStep Mode:

  1. Select Forms from the blue icon bar.
  2. In the Find window, type “foreign” and choose “Foreign  - Foreign Slip” from the list below. Then click “OK”.

 

For more information about taxes related to foreign investment: Taxes From Selling Foreign Investments (TurboTax) 

 

Thank you for choosing TurboTax Canada.