All income is to be reported in CDN$ at the exchange rate at the time of the transaction.
For more information see below:
All income is to be reported in CDN$ at the exchange rate at the time of the transaction.
For more information see below:
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
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/
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Convert from Canadian dollars based on daily exchange rates.
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-foreign-pension-and-other-foreign-amounts/00/873599
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.