The Brookfield Infrastructure T5013 has 2 entries for box 135, one labelled BMU for Bermuda, and one labelled USA. Are these entries in USA or Canadian currency?

[mirvine1]

Hi @Adamlfc 
Thanks for your question. Enter all the data including source country code and Box 135 foreign income from this USA into the T5013 slip.  Add a seperate T5013 slip for BMU and only enter the Box135 and BMU country code amount on this second T5013.  (ie you have to enter two T5013 slips if you have to report Box 135 income from two countries. The amounts will then properly fill T2209 giving you the proper breakdown of foreign income by country. 

[Adamlfc]

Thanks for your answer but it doesn't really answer my question which asked whether the 2 entries for box 135 (one labelled BMU and the other labelled USA) were in USA or Canadian currency.  Presumably the other entries on the form are in Canadian currency so I would be surprised if the 2 entries for box 135 were in USA currency.  If everything is in Canadian currency, why not just aggregate the 2 amounts which is what my wife's tax accountant suggested.  I don't think the CRA would care where the income came from but it would want to ensure that all entries on the T! were either in Canadian currency to begin with or converted to Canadian currency at some point.  I aggregated the 2 amounts based on the advice of the tax accountant and the CRA haven't complained so far. 

[TurboTax_Susan]

If there isn't anything in Box 205: Functional currency code, then the amounts on your T5013 should be in CAD. If you are not sure, you would have to contact whoever issued the slip to verify what currency was used for the slip.

[dami]

The issue is not currency - most likely all numbers are Canadian currency. Brookfield usually prints a note:  ALL AMOUNTS are in CANADIAN DOLLARS.
The real issue is that CRA does care WHERE the income is from as that is used to calculate your Foreign Tax Credit details - values are grouped according to COUNTRY CODE (often just USA and Global).

[TurboTax_Susan]

@dami If you are using TurboTax Desktop, select Country #2 or #3 for Source country of foreign income. Then in the Foreign Tax Credit section you can label the country "Global" if the income is from more than one country or if you don't know which country the income is from.

[Adamlfc]

I did a deeper dive into this issue this year.  Dami (March 13) is correct.  I discovered that although Brookfield Infrastructure holds foreign assets and pays distributions in USD, all entries on the T5013 are converted to CAD for CRA by the Canadian Depositary for Securities (CDS) or the broker and reported in Canadian dollars.  As an aside, I wonder why a similar conversion can’t be done for T5s for USD accounts.  

She is also correct that this information flows into the Foreign Tax Credits Worksheet.   However, Box 135 represents income, and the total investment income on the T5013 along with other income sources flows through to Line 12100 on the T1.   So regardless of the income source on the T5013, the entries are ultimately aggregated and you pay tax on the total amount along with other income sources so given that all the entries are in CAD, why would the CRA care where the income is coming from.  It doesn’t affect the tax calculation.  

Mirvine1’s suggestion from April 30, 2025 of using a 2nd T5013 form to split the BMU and USA entries would certainly work.  However the T5013 form is a real pain to fill in.  There are 4 pages of boxes and the box numbers aren’t even in sequence so I’m not inclined to do the extra work unless there is a really good reason why.