I'm trying to enter foreign income with an exchange rate of 1.0, but when it saves, it corrects to 0.0001 - why?

[TurboTaxClint · Accepted solution]

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.

[gerrywig]

When might the update be available?

[shofbauer]

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.

[TonyC11]

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.

[mcclorry]

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?

[TonyC11]

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.

[katelynchapman]

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.

[TonyC11]

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.

[TurboTaxClint]

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