Does TurboTax realy automatically convert US dollar T5 slips?

[andrewl2]

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.

[TurboTaxBrenda · Accepted solution]

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/

[dwleung]

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

[kenyhlui]

Turbo Tax should add US exchange rate conversion for T5 slips

[tiromain]

which competitor ?

thanks

[TurboTaxBrenda1]

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

[JustCurious1]

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?

[Fayl]

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?

[TurboTaxGinette]

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.

[Norman chiu]

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