If you have a foreign pension you need to report, you would need to use the Foreign Income page.
In TurboTax Online, the fastest way to get there would be to use the “Find” tool in the top right. Click “Find” and search for “Foreign Income”, then select it from the list and click on the “Go” button.
Then click on “Enter Foreign Income”. Enter amounts in Canadian dollars (from your bank book).
Click “Done with Foreign Income” to save the information you have entered.
If you have a foreign pension you need to report, you would need to use the Foreign Income page.
In TurboTax Online, the fastest way to get there would be to use the “Find” tool in the top right. Click “Find” and search for “Foreign Income”, then select it from the list and click on the “Go” button.
Then click on “Enter Foreign Income”. Enter amounts in Canadian dollars (from your bank book).
Click “Done with Foreign Income” to save the information you have entered.
I was searching for an answer to the same question, however the answer here, although it seems a fair solution, is at odds with what's posted on the CRA.
"If you received a pension from another country, report in Canadian dollars your gross foreign pension income received in the year. Use the Bank of Canada exchange rate in effect on the day you received the pension. If you received the pension at different times during the year, use the average annual rate. The average monthly rate and the daily rate are available by visiting the Bank of Canada website"
International transfers always incur a fee. Following the CRA instructions means that I would declare a greater amount than I received, because it stipulates gross income, not the amount minus the fee, which is the amount I see in my Canadian bank account.
Thank you for choosing TurboTax. The instruction provided by my colleague is indeed correct you would need to use the Foreign Income page and enter the exact amount of the foreign pension received and the rate of exchange on the day you received as per CRA guidelines. Upon completing the foreign slip, this information will be shown on line 11500 of your tax return. If you require additional information please see the link from the CRA website below:
I'm sorry but your explanation does not appear to be the same as the previous one from your colleague who said
"Enter amounts in Canadian dollars (from your bank book)."
The amount I received in my Canadian bank was a net amount eg the pound sterling income minus the fees incurred transferring the money to Canada from UK.
Your instruction is to "enter the exact amount of the foreign pension received and the rate of exchange on the day you received as per CRA guidelines" - this is the gross amount. If I enter the "exact amount of the foreign pension" (Sterling) and calculate the CAN $ amount using the rate on the day it was received, it is a higher amount because the transfer/bank fee is not factored in.
BTW the link you provided to the CRA website doesn't work
Thank you for choosing TurboTax. I am sorry about the previous link provided we are not aware when these links will be removed. Please see the link from the CRA website with instructions and examples of how you should enter a foreign pension below: