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?

[TurboTaxVeronique]

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.

[Andy11111]

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.

[TurboTaxAniqua]

@Andy11111 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.

[Andy11111]

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?