How do I properly report foreign investment income (specifically box 15 and 16) on the T5? The currency is in Euros.

[kxcortez]

I have reported the values (as shown on the slip) on the T5, and under Foreign Slip (with the exchange rate). When I look at the Foreign Tax Credit page, looks like the values are automatically calculated, however the number seem high (values are added from both the T5 and the Foreign Slip), are these correct?

[TurbotaxRobert · Accepted solution]

If you entered the amounts shown in Box 15 and 16 of the T5 AND you entered the converted amounts in the foreign slip area, then you will have reported the amounts twice.

Although normally the amounts in box 15 and 16 should already be converted to CDN $s by the financial institution that prepared the T5, if they weren't you should convert the amounts yourself and enter the converted CDN $ value amounts in the T5 box 15 and 16 boxes (replacing in this case the Euro amounts you previously entered).  You should then remove the amounts you entered in the foreign slip area to avoid the double entry effect that you are getting.

[kxcortez]

Thanks, this really helped. Box 15 and 16 were in Euros (As per box 27). I had to convert the amounts to Canadian dollar and removed the amounts I entered on the foreign slip. Turbotax automatically adds the amounts entered on the T5 to the foreign slip.