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Level 2
posted Oct 30, 2019 4:17:40 AM

Does TurboTax realy automatically convert US dollar T5 slips?

One of the TurboTax Help site answers is:

"When entering the amount on the T5 slip, put the country that the foreign income is from in the box named, "Source country of foreign income" at the bottom right of the slip and it will automatically do the exchange rate.

By: TurboTaxMaryAnn"

This appears to be incorrect.

1 10 9315
1 Best answer
Moderator
Oct 30, 2019 4:17:41 AM

You need to enter the currency in Canadian funds - It doesn't automatically convert it for you.

Please see the following link to help you convert the US dollars 

http://www.bankofcanada.ca/rates/exchange/


10 Replies
Moderator
Oct 30, 2019 4:17:41 AM

You need to enter the currency in Canadian funds - It doesn't automatically convert it for you.

Please see the following link to help you convert the US dollars 

http://www.bankofcanada.ca/rates/exchange/


New Member
Oct 30, 2019 4:17:43 AM

TurboTax needs to add automatic US exchange rate conversion for T5 slips. Your competitor has this feature already.

New Member
Oct 30, 2019 4:17:44 AM

Turbo Tax should add US exchange rate conversion for T5 slips

Returning Member
May 19, 2020 4:02:09 PM

which competitor ?

 

thanks

Level 15
May 20, 2020 12:14:59 PM

Please note that most T5's have already been converted for you- If you look in box 27 if it shows a different country code then it hasn't been converted as of yet. If it is blank or CAD it has been converted for you.

 

https://www.bankofcanada.ca/?_ga=2.210311517.993800830.1590001921-814382266.1590001921

New Member
Feb 24, 2022 3:32:18 PM

To clarify, when submitting the T5 in TurboTax, should we adjust the values based on the conversion rate (to CAD), and still keep Box 27 set?

Eg. Canadian Stock Dividends in USD market; I have Box 27 as USD in the electronic T5.
I would assume i would need to update all the values (Box 24, 25, and 26) and still have Box 27 filled out as USD?

Level 1
Mar 23, 2022 1:59:33 PM

My T5 in USA$ has amounts in boxes 15 & 16 (foreign income and foreign tax paid).  Do I still have to change this to CDN $?  Do I do that on the T5 screen or somewhere else?

Intuit Alumni
Mar 25, 2022 11:38:34 AM

You need to enter the currency in Canadian funds - It doesn't automatically convert it for you.

Please see the following link to help you convert the US dollars Exchange Rates

 

Please note that most T5's have already been converted for you- If you look in box 27 if it shows a different country code then it hasn't been converted as of yet. If it is blank or CAD it has been converted for you.

 

Thank you for choosing TurboTax.

New Member
Apr 12, 2024 1:54:49 PM

Does one has to convert B24, B25, B26   to Canadian currency

Intuit Alumni
Apr 12, 2024 2:00:04 PM

As per our TurboTax article: T5 Tax Form: Statement of Investment Income in Canada If amounts on your T5 tax slip are shown in a foreign currency vs. Canadian dollars (CAD), you’ll need to convert those amounts to CAD before including them on your tax return.

 

Thank you for choosing TurboTax.