I have many T5008 slips reported in US dollars. Do I have to convert to Cdn dollars when I fill out the slip in Turbotax?

Forum|Forum|3 years ago
March 15, 2023
3 replies
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champ_a_adc

You have to 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.

Therefore, if there is an exchange rate listed in Box 13 of your T5008, you need to use it to calculate the Canadian dollars you need to report.

For more information, visit T5008 Slip – Statement of Securities Transactions

Thank you for choosing TurboTax.

leozho

It is ridiculous that the user needs to manually convert the USD into CAD and input them one by one. Why don't you set an input rate for all transactions and automatically output the CAD values to the form as the year exchange rate is indicated by the bank of Canada in the 5008?

BrendaW-US

Thank you for your feedback. We will send your feedback to the appropriate department.

Thank you for choosing TurboTax.

Manjind

The T5008 and Trading Summary provided by your brokerage will show the US$ proceeds and cost, but you must convert these amounts to CDN$ using the exchange rate from the sale and purchase dates.

Thank you for using TurboTax.

TOM FERNANDO

Your expert was very professional, patient and helpful. However there seem to be a shortcoming in your program. USD and CAD just listed together, the program should do the conversion as CRA requires all amounts to be presented in CAD.