☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Oct 30, 2019 1:11:54 PM

How do I report US capital gains in Canadian dollars?

How do I calculate the conversion from US to Canadian dollars; What date do I use?

0 2 1454
1 Best answer
Level 2
Oct 30, 2019 1:11:56 PM

For purposes of simplification, CRA will accept the 2017 average US to CDN exchange rate to be used for purposes of reporting US denominated transactions in CDN funds for tax purposes.  For 2017, the avg exchange rate that applies (per Bank of Canada) is US $1.00 = CDN $1.2986.

2 Replies
Level 2
Oct 30, 2019 1:11:56 PM

For purposes of simplification, CRA will accept the 2017 average US to CDN exchange rate to be used for purposes of reporting US denominated transactions in CDN funds for tax purposes.  For 2017, the avg exchange rate that applies (per Bank of Canada) is US $1.00 = CDN $1.2986.

Level 15
Oct 30, 2019 1:11:59 PM

If you know the exact date of the trade, use that daily exchange rate. Otherwise, use the average annual exchange rate.

You can find those rates here:

http://www.bankofcanada.ca/en/rates/exchform.html

https://turbotax.intuit.ca/tips/taxes-from-selling-foreign-investments-6232