Info on foreign investments is ambiguous. T5 screen has no exchange rate box. If enter on foreign screen it comes out twice!
I received separate T5 slips - one for Canadian one for US investments. Turbo tax is ambiguous - if I enter box 15 and 16 they are in Cad funds and there is no box for exchange rate. If I also click on foreign income will it be reported twice. Info is quite unclear.
042501
1 Best answer
warrencheswick
New Member
Oct 29, 2019 6:47:48 PM
Use the T5 entry screen, and manually convert your figures to $CDN before entry.
4 Replies
warrencheswick
New Member
Oct 29, 2019 6:47:48 PM
Use the T5 entry screen, and manually convert your figures to $CDN before entry.
Heron
New Member
Oct 29, 2019 6:47:49 PM
Thank you. That works, but the turbo tax help box says to use the rate calculator which is on the foreign income screen. No problem to do it manually, but the instructions could be clearer.
FDF
New Member
Oct 29, 2019 6:47:51 PM
Very poor. If Turbo Tax was "user friendly" it should allow entry of exchange rate, and calculate amounts automatically.
Heron
New Member
Oct 29, 2019 6:47:52 PM
I did it correctly this year, but it definitely would help if TurboTax either included exchange rate calculator on the screen where one enters USD amounts of T5 income from a Canadian bank, or did the calculations automatically.