I have many T5008 slips reported in US dollars. Do I have to convert to Cdn dollars when I fill out the slip in Turbotax?

[champ_a_adc]

You have to complete all T5008 slips in Canadian currency. Use the exchange rate that was in effect at the time of the transaction or an average rate that includes the transaction period.

Therefore, if there is an exchange rate listed in Box 13 of your T5008, you need to use it to calculate the Canadian dollars you need to report.

For more information, visit T5008 Slip – Statement of Securities Transactions 

Thank you for choosing TurboTax.

[Manjind]

 The T5008 and Trading Summary provided by your brokerage will show the US$ proceeds and cost, but you must convert these amounts to CDN$ using the exchange rate from the sale and purchase dates.

Thank you for using TurboTax.

[Manjind]

 The T5008 and Trading Summary provided by your brokerage will show the US$ proceeds and cost, but you must convert these amounts to CDN$ using the exchange rate from the sale and purchase dates.

[TOM FERNANDO]

Your expert was very professional, patient and helpful. However there seem to be a shortcoming in your program. USD and CAD just listed together, the program should do the conversion as CRA requires all amounts to be presented in CAD. 

[TurboTaxGinette]

Thank you for your feedback, we value your opinion and have shared this information with the proper TurboTax team.

Thank you for choosing TurboTax.

[leozho]

It is ridiculous that the user needs to manually convert the USD into CAD and input them one by one. Why don't you set an input rate for all transactions and automatically output the CAD values to the form as the year exchange rate is indicated by the bank of Canada in the 5008?

[TurboTaxBrenda1]

Thank you for your feedback. We will send your feedback to the appropriate department.

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[mayjay]

Hello, I see this post was from  2 years ago and wonder how you or anyone else solved this problem.   Two years later, I am experiencing the same issue and Turbotax seems to have no answer for it.    The amounts on the T5008  slip are issued in $US and the Statement of Securities Transactions has no box or place for me to enter the exchange rate.   I can manually convert the USD amounts to CDN, but then these numbers won't match the  numbers on  n the  T5008 I received from the issuer.   CRA might think that I am adding another T5008 transaction when it is actually just changing the  foreign currency on the one slip.

I was able to speak to a representative last night when I called Turbotax for help  The rep seemed pleasant but was unable to answer my question.   I explained teh situation as I described above.  The rep did not acknowledge  the points I made - my question was quite clear,  Apparently the rep had asked someone else.  My email response  from Turotax was:   I can get the foreign currency exchange rates from Bank of Canada, and  there was info on which rates I can use... I never asked how to obtain exchange rates.  I clearly asked, where do I enter the exchange rate. 

The rep was pleasant but Turbotax has a big problem if it can't  answer the question that  others have been asking for years.  Why can't they correct it?   I've used Turbox for many years  and never had any major issues. I was not happy with whoever  'pretended' to misunderstand my question last night. 

[TurboTaxSusan]

@mayjay As per Manjind's answer above: "The T5008 and Trading Summary provided by your brokerage will show the US$ proceeds and cost, but you must convert these amounts to CDN$ using the exchange rate from the sale and purchase dates."

[Kate T]

Quick question ... do I also have to convert the book value to Canadian funds?