Our
product developers will be addressing this issue in a future update. One workaround for now would be to make the
currency exchange 1, and enter the Canadian dollar converted amounts as required.
this is conversion makes no sense whatsoever. The exchange rate is continuously variable and each moth one receives different amount. How can your developers devise algorithm that will track all this on a specific day when the payment was received? Just request the amount to be reported in CAN $ and be done with. Unnecessary complications.
I noticed this also when reporting foreign pension amounts received in CAD.
However I do see that the entered currency rate (1.000) is being used to transfer amounts
Into the T1 tax return.
It appears the reversion to 0.0001 in the foreign income page is simply a placeholder display.
I'm having the same issue. However, because it changes the exchange rate from 1.24 to 0.0001, my final return is grossly underestimating my foreign income. Is this normal?
Hmmm...that's not happening with mine. The dollar value is being accurately transferred into the return at the rate of 1.0000 .
Try doing the conversion offline on a spreadsheet, then applying a rate of 1.0000 to effectively enter your foreign income in CAD.
Agreed. This is what is happening with mine as well. I've uses turbo tax for years but this is my first experience with foreign income - I'm thinking about just sucking it up and going to an accountant at this point.
I've been doing foreign income for several years, however both my sources of foreign pension come already converted into CAD by the issuers and their banking providers.
In that case I just use a currency rate of 1.0000 and have not had issues.
Also, the income is fully taxable by CRA so there is no exempt portion.
The display of 0.0001 is disconcerting, for sure. There may be a fix upcoming.
Hi everyone. Thank you for posting this. Our product developers will be addressing this issue in a future update, hopefully this week. One workaround for now would be to make the currency exchange 1, and enter the canadian $ dollar amount that was converted. Not an elegant solution, but it will work in the short term.
- Clint
If you go back in to review the value it then recalculates on the 0.0001 value and provides an incorrect total. Your workaround is not reliable.
Delete the original. Then enter in the information as you normally would. The bug happens when you go in to "verify" the entries. If you just enter the amounts and don't go back to edit them, the software calculates correctly.
Despite the displayed currency rate, on-line still calculates the income correctly on your T1 if you enter amounts in CAD and enter a rate of 1.0000 . This works fine if you already get your Foreign amount converted into CAD and directly deposited.
I've already filed my wife's return with UK amounts so recorded. it was correctly stated on the T1, she's been assessed and today got a rebate for the exact amount produced by Turbotax on-line. My own on-line return is working fine with similar inputs.