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:
If you need extra help from a Tax Expert, you can contact them here. Available from Monday through Friday (May 1, 2021 through the remainder of the year): 9:00am to 6:00pm EST (for English support), and 9:00am to 6:00pm (for French support).
For more information, please see:
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