Solved: Where do i enter a T5008/RL-18 in US funds or US s...

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dcartwright
New Member

Where do i enter a T5008/RL-18 in US funds or US stock trade, how do I enter it in US dollars.

 
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Accepted Solutions
TurboTaxLise
Moderator

Where do i enter a T5008/RL-18 in US funds or US stock trade, how do I enter it in US dollars.

All income is to be reported in CDN$ at the exchange rate at the time of the transaction.

For more information see below:

View solution in original post

4 Replies
TurboTaxLise
Moderator

Where do i enter a T5008/RL-18 in US funds or US stock trade, how do I enter it in US dollars.

All income is to be reported in CDN$ at the exchange rate at the time of the transaction.

For more information see below:

View solution in original post

Winnipeg1
Returning Member

Where do i enter a T5008/RL-18 in US funds or US stock trade, how do I enter it in US dollars.

If you have a lot of stock trades in US dollars and you have to  create a spreadsheet to enter every trade - then convert to Canadian - then manually enter every trade again into TurboTax you have to wonder if you should be looking for another tax software package

TurboTaxDeanna
Moderator

Where do i enter a T5008/RL-18 in US funds or US stock trade, how do I enter it in US dollars.

If you are reporting income you received from the United States, you should be using the 2018 US Average of 1.2957 to convert the amount to Canadian dollars.


The Bank of Canada also has a currency converter which you can find here: https://www.bankofcanada.ca/rates/exchange/currency-converter/
View solution in the original post

bankofcanada.cabankofcanada.ca

Currency Converter

Convert from Canadian dollars based on daily exchange rates.

turbotax.community.intuit.caturbotax.community.intuit.ca

If you are reporting income you received from the United...

If you are reporting income you received from the United States, you should be using the 2018 US Average of 1.2957 to convert the amount to Canadian dollars. The Bank of Canada also has a currency converter which you can find here: https://www.bankofcanada.ca/rates/exchange/currency-converter/

 

You may click here for additional information: https://turbotax.community.intuit.ca/community/other-income/help/how-do-i-report-foreign-income-fore...

koushikkg11
New Member

Where do i enter a T5008/RL-18 in US funds or US stock trade, how do I enter it in US dollars.

I am filing my 2020 canadian tax returns. I have received T5008 forms with USD trades. Can I use the bank of Canada 2020 average USD - CAD exchange rate which is 1.3415. Please let me know asap.

v