I trade USD stocks on Questrade. The T5008s in the CRA website are in USD, box 13=USD. Imported to TT, box 13 is missing. Do I need to convert T5008s manually to CAD?

[TurboTaxGinette]

Yes, whenever information slips are in a different currency the Canada Revenue Agency (CRA) requests that you enter the amounts in Canadian currency.

Thank you for choosing TurboTax.

[denk23]

This is an account that is held in USD. It is possible to report the T5008 in USD, see

https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/comple[product key removed]ri...

In fact, that's what my broker did. When I login to the CRA website and look T5008 forms Questrade submitted to the CRA, I can see boxes 20 and 21 are values in USD, and box 13 indicates "USD". From CRA side, this seems OK.

However, when I use the TurboTax "Import from CRA" feature, box 13 is missing entirely. I can not tell if

A) Did TurboTax import box 13 (i.e. "USD") and it just doesn't show it to me, but it will submit it correctly at the end; or

B) Did TurboTax not import box 13 at all and the values shown in 20 and 21 are now wrong (since they are in USD).

Also, in another thread, I was advised to never modify a T5008 in TurboTax after I imported it from the CRA. Since, if I manually convert the numbers, the T5008 that the CRA has on file from the broker won't match the T5008 that submit through TurboTax.

Can you clarify

1) How can I tell if TurboTax (I use online premier) imported box 13 (USD), or not? I can not see it on the UI.

2) Is it OK to manually convert numbers from USD to CAD in a T5008 in TurboTax after it was imported from the CRA website? How does the CRA reconcile the differences in the forms they have from the broker and the ones I submit through TurboTax?

[TurboTaxGinette · Accepted solution]

As per our TurboTax article: T5008 Slip – Statement of Securities Transactions

If you are using information from your T5008 in your tax return, you should note that you need to include the amount in Canadian dollars. 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 please speak with one of our telephone representatives as they have the option to view your screen to help you decipher the way the T5008 in included in your return. To contact them, please follow this link: Contact Us.

​​​​​​​Thank you for choosing TurboTax.

[jessz]

If T5008 box 13 is not even available in Turbotax Premier 2024. How could someone decipher it?

[TurboTaxAniqua]

@jessz Thank you for the feedback. The T5008 slips that the CRA issues do not include Box 13, which is a currency code box.

[jessz]

But there is Box 13 on your sample CRA T5008, and the T5008 provided by Brokerage has Box 13 currency code too. Below is what other tax software’s T5008. They have box 13 available and Exchange rate box that allows taxpayer to enter the exchange rate without manually calculating then altering numbers in box 20 & 21. That’s the same practice as reporting Foreign Income on TurboTax.

[TurboTaxVeronique]

@jessz As per CRA, foreign income and foreign taxes must be converted to Canadian dollars. Use the Bank of Canada exchange rate in effect on the day these amounts arise.

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