topic Do I convert all USD to CAD when filling out corms in Filing https://turbotax.community.intuit.ca/community/filing/discussion/do-i-convert-all-usd-to-cad-when-filling-out-corms/01/3649781#M10367 Sat, 12 Apr 2025 19:26:03 GMT carajo22 2025-04-12T19:26:03Z Do I convert all USD to CAD when filling out corms https://turbotax.community.intuit.ca/community/filing/discussion/do-i-convert-all-usd-to-cad-when-filling-out-corms/01/3649781#M10367 Sat, 12 Apr 2025 19:26:03 GMT https://turbotax.community.intuit.ca/community/filing/discussion/do-i-convert-all-usd-to-cad-when-filling-out-corms/01/3649781#M10367 carajo22 2025-04-12T19:26:03Z Re: Do I convert all USD to CAD when filling out corms https://turbotax.community.intuit.ca/community/filing/discussion/re-do-i-convert-all-usd-to-cad-when-filling-out-corms/01/3658261#M10384 <P>As per CRA, <A href="https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-40500-federal-foreign-tax-credit.html" target="_blank">foreign income and foreign taxes must be converted to Canadian dollars</A>. Use the <A href="https://www.bankofcanada.ca/rates/exchange/annual-average-exchange-rates/" target="_blank">Bank of Canada exchange rate </A>in effect on the day these amounts arise.</P> <P>&nbsp;</P> <P>Thank you for choosing TurboTax.</P> <P>&nbsp;</P> Mon, 14 Apr 2025 21:10:40 GMT https://turbotax.community.intuit.ca/community/filing/discussion/re-do-i-convert-all-usd-to-cad-when-filling-out-corms/01/3658261#M10384 Anonymous 2025-04-14T21:10:40Z