To report income from the sale of foreign investments on your tax return, you must convert all amounts into Canadian dollars. To do so, use the exchange rate on the day you bought or sold the shares.
NOTE: If you have been charged tax by the country where you sold the investment, you may be able to avoid double taxation through the federal foreign tax credit. To claim this credit, file a T2209. The Canada Revenue Agency may offer you a tax credit up to 15 percent of the foreign taxes you paid on the sale based on the tax treaty between the other country and Canada.
For instructions on how to report your capital gains, please see the following link:
Where do I report capital gains or losses in TurboTax Online?
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For more information, please see:
The amount of capital gains from my T5008 is doubled in TurboTax. How do I fix this?
What do I do if there aren't enough lines to enter all my capital gains on Schedule 3?
Taxes From Selling Foreign Investments
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