Solved: Foreign currency reporting - T5008

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Level 1

Foreign currency reporting - T5008

On CRA website:

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.

 

Does this mean if I have  proceeds from sales of stocks are in US dollar as well, I don't need to convert to CDN currency when I enter T5008?

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Accepted Solutions
Level 6

Foreign currency reporting - T5008

Hi, thank you for using Intuit TurboTax Community

All entries on the T1 tax return must be reported in Canadian dollars. Amount in a foreign currency must be converted to Canadian dollars before entry on the return

Hope this helps

View solution in original post

1 Reply
Level 6

Foreign currency reporting - T5008

Hi, thank you for using Intuit TurboTax Community

All entries on the T1 tax return must be reported in Canadian dollars. Amount in a foreign currency must be converted to Canadian dollars before entry on the return

Hope this helps

View solution in original post

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