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.
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.