I imported a T5008 from the CRA. Boxes 13, 20 and 21 are in USD. TurboTax does not show box 13 "Currency". Do I need to convert boxes 20&21 to CAD manually?

[Rsplodge]

Yes this is a serious bug and deficiency in TT. I don't need TT to actually do the currency conversion but the imported T5008 should not toss away box 13, because then when I look at it in TT, there is nothing to tell me that the particular T5008 is in a foreign currency and it looks just like all my Canadian ones. I need to know which T5008's I have to edit to put in exchange rates to convert both the book value (which would have occurred at a different date and f/x than the proceeds value) and the proceeds value.

This bug has existed for years and should be fixed. Crazy that I spend on this s/w and an important issue like this is neglected. Probably next year I will switch to different s/w.

[TurboTaxVeronique]

@Michael RL As per CRA, you should report all amounts in Canadian currency, unless the transaction meets the requirements explained as followed.

Foreign currency reporting

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.

When you report amounts in foreign currency, keep the following in mind:

• print the name of the foreign currency on the T5008 slips (for example, U.S. DOLLARS) beside the Identification of securities text above the white box of Box 17 – Identification of securities for the recipient's benefit
• if you file your T5008 information return on paper and leave box 13 blank, we will process the amounts on the T5008 slips as Canadian dollars
• when completing the T5008 summary, you only have to enter one amount for total proceeds of disposition, whether or not you complete the T5008 slips in different currencies

Thank you for choosing TurboTax.

[JackyGuan]

I moved to ufile this year because ufile allows to enter exchange rate from USD to CAD for T5008