Where to enter interest earned from a USD fixed deposit at a Canadian bank?

Forum|Forum|2 years ago
February 6, 2024
2 replies
0 views

I received a T5 slip for the USD fixed deposit I placed with a Canadian bank. Box 13 "Interest from Canadian Sources" shows the interest income earned for 2023, however the amount is in USD, as indicated by the currency code in box 27. How could I show that my T5 interest income is in USD, not CAD in Turbo Tax? It doesn't seem there's a field to show that the currency is in USD.

Best answer by GHarpe

If the amount on your slip is in USD, then you will need to convert it to CAD and change the amount. The exchange rate can be found in this Bank Of Canada webpage: Exchange Rates

Thank you for choosing TurboTax.

GHarpeAnswer

If the amount on your slip is in USD, then you will need to convert it to CAD and change the amount. The exchange rate can be found in this Bank Of Canada webpage: Exchange Rates

Thank you for choosing TurboTax.

younglydiaAuthor

Thanks very much for your quick reply.

TurboTaxBrenda

You're welcome.

margaretmchan

Hi there - Box 13 of my T5 indicates "US" but Box 27 is blank; might the "US" in Box 13 be a typo? Or should I convert to CAD using the Annual exchange rate to convert to CAD and report in CAD? https://www.bankofcanada.ca/rates/exchange/annual-average-exchange-rates/