I am using TurboTax online which does not allow me to see the underlying tax forms. So I do not know if TurboTax correctly imported field 13 as "USD" or if it assumes it's all in CAD, in which case I would need to manually convert boxes 20 and 21 to CAD myself.
Yes, if the amounts on your T5008 are in USD, then you would have to convert them to CAD to enter them in TurboTax.
Why isn't box 13 shown in Turbotax? If I look at the T5008 while logged into CRA, box 13 is there and shows USD, for stocks that were bought or sold in US dollars.
When I look at the T5008s in either Easy Step or in the table view, box 13 is not shown. That means I have to delete EVERY T5008 slip that Turbotax downloaded from CRA since they're all there, but all the CAD and USD trades are numerically right but all mixed together without any exchange rate applied.
I have to either pick through them and find and delete the USD ones, or just delete them all, then use the PDF T5/T5008 the bank sent me, make separate tables for CAD and USD in Excel, apply the Bank of Canada 2023 exchange rate, and then enter the CDN and US totals into Turbotax.
The currency boxes were in CRA so they should have been in what TurboTax downloaded. Why was that information thrown away? All the program had to do, is show those boxes and give me another box to enter the exchange rate.
Turbotax has done the same thing for several years, discarding that essential currency information.
@Anonymous
As per the CRA:
Complete all T5008 slips in Canadian currency. Use the exchange rate that was in effect at the time of the transaction or an average rate that includes the transaction period.
Foreign currency is usually converted to Canadian funds before it is credited to the recipient's account. However, certain taxpayers keep foreign currency accounts and choose to convert their account balances themselves. If you get proceeds of disposition in a foreign currency and deposit the amounts to your client's foreign currency account without converting them to Canadian funds, you can report in the foreign currency that applies. Identify foreign currency amounts by entering in box 13 the applicable currency code under International Standard (ISO) 4217.
So, the CRA wants the T5008 reported in CAD, but if it’s not, it assumes the taxpayer will convert the amounts (using the rate of their choosing).
However, we do appreciate your feedback on this issue, and we will send it to our development team.
It is unclear when importing t5008 amounts from CRA which puts them in Turbo Tax , is it possible to edit the downloaded t5008 Can. amount in TurboTax and just edit that amount with the US. equivalent. Or does one have to create a whole new entry in US and delete the Can. entry?
Yes you can go back in the information slip and make sure all the values are entered as Canadian currency.
Thank you for choosing TurboTax.
Agreed I have been using TurboTax for years and it's ridiculous that this is not fixed!
It's not just that Intuit hasn't fixed this yet, it's why was it ever broken?? Box 13 existed before TT started to import from CRA so it should have been there from the beginning.
When downloading your information with Autofill, you should be seeing the same as in your account. In order to help you with this situation, we believe your best option is to contact our telephone support team for further assistance, as they have the option to view your screen to help resolve the issue. To contact them, please follow this link: Contact Us. When asked if you wish to receive an email say NO then say "speak to a representative" then hold the line.
Thank you for choosing TurboTax.
has the programmers at turbo tax ADDED a convert amount box so the us slips can be converted too cann dollars such an easy addon!!!!!
Unfortunately, Bos 13 - Foreign currency, is not in TurboTax 2024 software. As per CRA: Foreign currency is usually converted to Canadian funds before it is credited to the recipient's account. We invite you to consult this CRA web page for more information.
We will share your feedback with the proper TurboTax Team.
Thank you for choosing TurboTax.
Why hasn't Intuit fixed this yet?
This has been a problem for years, and many people have told you about it. We KNOW box 13 is not in Turbotax, but it IS in the data CRA provides for download since I can see it when I log into CRA. The lazy way for Intuit to fix this would be to show box 13, but we would still have to go through and convert each one ourselves (which is kind of stupid, since we're using software that's supposed to take care of all the calculations for us). The proper way to fix this would be to show box 13 and add one field where the Bank of Canada specified conversion rate for the year can be entered and then Turbotax would convert all the USD to CAD.
Explaining that foreign currency is converted to CAD when credited to an account "according to the CRA" means Intuit doesn't understand the problem. The USD are not being converted to CAD since those trades happened within a USD account, which is why box 13 would state USD and is why box 13 is needed.
The real problem is why Intuit has been so uncaring about how well Turbotax actually works, and negligent in fixing a deficiency that has existed for years.
@Anonymous Unfortunately, Bos 13 - Foreign currency, is not in TurboTax 2024 software. As per CRA: Foreign currency is usually converted to Canadian funds before it is credited to the recipient's account. We invite you to consult this CRA web page for more information.
We will share your feedback with the proper TurboTax Team.
Intuit,
Why do you not understand this??
Canadians can have non-registered trading accounts, RRSP trading accounts, and TFSA trading accounts. Inside each of these, we can have Canadian dollar sides of the account and US dollar sides of the account.
When we buy or sell on the US dollar side of the account the purchase and sale of the stocks occurs in US dollars, and stays in US dollars, in the cash balance, in US dollars, in that USD side of the account. It never changes to CAD.
The only time a "conversion" happens, is if someone buys a US stock and does that buy or sell in the Canadian dollar side of their account. In that case the amount debited or credited will be in CAD. However, everyone is asking about properly supported the buys and sells that happen in the USD side of the account.
At the end of the year, a T5008 will be issued for each buy or sell of stocks in the CAD or USD sides of the account. For buys or sells in the US side, the T5008 will show "USD" in box 13. That detail is in the end of year report my bank sends me, and is also visible when I look at the T5008s when I log into CRA. It's just Intuit that throws away that critical bit of information.
If Intuit is not aware that we can have USD and CAD sides in a trading account, and doesn't understand that a buy or sell done in the USD side is always in US dollars, and has been that way for decades, why is Intuit writing tax software?
I agree. I had the same confusion when I have my Turbotax T5008 auto filled from CRA.
Our T5008 tax slips issued by self-directed trading brokerage do have Box 13 "Foreign Currency", but it is missing from Turbotax software T5008.
I had to consult accountants and the self-directed trading brokerage about how to report US stock transactions on T5008 as we know per CRA " You should report all amounts in Canadian currency, unless the transaction meets the requirements explained in
Foreign currency reporting
.
"
Accountants said their tax software has Box 13 available to indicate the currency code on T5008, which makes the currency conversion easy and straightforward.
The Brokerage said unfortunately we have to manually calculate and convert box 20 and box 21 into CDN$, which is not fun.
I noticed that someone replied by quoting from CRA website "
Foreign currency is usually converted to Canadian funds before it is credited to the recipient's account
."but please continue reading the rest part. "
However, certain taxpayers keep foreign currency accounts and choose to convert their account balances themselves. If you get proceeds of disposition in a foreign currency and deposit the amounts to your client's foreign currency account without converting them to Canadian funds, you can report in the foreign currency that applies. Identify foreign currency amounts by entering in box 13 the applicable currency code under international standard ISO 4217.
"
I wonder when would Turbotax fix this loophole, it makes no difference as we file T5008 by handwriting each box on paper.
Complete all T5008 slips in Canadian currency. Use the exchange rate that was in effect at the time of the transaction or an average rate that includes the transaction period.
Foreign currency is usually converted to Canadian funds before it is credited to the recipient's account.
However, certain taxpayers keep foreign currency accounts and choose to convert their account balances themselves. If you get proceeds of disposition in a foreign currency and deposit the amounts to your client's foreign currency account without converting them to Canadian funds, you can report in the foreign currency that applies. Identify foreign currency amounts by entering in box 13 the applicable currency code under international standard ISO 4217
.@jessz Thank you for the feedback. The T5008 slips that the CRA issues do not include Box 13, which is a currency code box.
The T5008 slips that the CRA issues do include Box 13. Other tax software’s T5008 has Box 13 imported by autofill, and they include Exchange rate section, which allows the foreign currency amount to be converted & reported in Canadian currency.