How do I report foreign income, pension, and other foreign amounts?
Enter your foreign income, pension, and other amounts in the INCOME > T-Slips step of TurboTax (even if your amounts are not reported on T-slips).
Some common slips containing foreign amounts include:
- T3 – Trust income and designations:
- T4PS – Employee profit-sharing plan
- T5 – Investment income
- T5013 – Partnership income
Before you begin:
- Amounts on a T-Slip: If the amounts on your foreign income slip are reported in a foreign currency, convert them to Canadian dollars before you enter them. If the amount was paid at various times throughout the year, use an average annual exchange rate. (Visit Bank of Canada's Web site for daily exchange rates and the average annual exchange rate.)
- Amounts not on a T-Slip: For foreign non-business income that is not on a T-slip, including US social security, do not convert the amounts to Canadian dollars before you enter them. TurboTax converts the amounts automatically based on the exchange rate you enter.
Enter your information:
If you're using an online edition of TurboTax:
1. From the top-right of your screen, select Find* and type “t-slips” into the search field.
2. Select T-Slips from the options that appear, and then select Go.
TurboTax displays a list of slips.
3. Select your slips from the list. If you have amounts not reported on a T-slip, select Foreign Slip.
4. Select Continue.
TurboTax displays a separate entry screen for each slip you selected.
5. Follow the instructions on each entry screen to enter the information from your slips. Be sure to enter the information exactly as it appears on each slip.
- When entering amounts shown on a T-Slip (such as a T5 or T5013): If the amounts are reported in a foreign currency, convert the amounts to Canadian currency before you enter them.
- When entering amounts not shown on a T-Slip (on the Foreign Slip entry screen): Enter an exchange rate. Do not convert the amounts to Canadian currency. TurboTax will do this for you.
*If you don’t see the Find button, you may not have completed the Setting Up/Introduction step of your return. Continue through the Setting Up/Introduction step until the Find button appears.