Why is there no exchange rate box on the TurboTaxT5 input field for converting foreign income and foreign taxes to Canadian funds?

Forum|Forum|2 years ago
March 22, 2024
1 reply
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I have T5 slips (and sometimes T3s) that report amounts in USD in boxes 15 & 16. Having to manually convert foreign income on these T5 & T3 slips to Canadian funds for input to TurboTax is inconvenient. It's 2024 afterall, why doesn't Turbo Tax have an input box for the exchange rate to use for the conversion under the Source Country line? So easy, yet this suggestion has been made to TurboTax in this forum for at least 5 years now. What is the problem with adding this exchange rate box? It's the same approach TurboTax uses for the "Foreign" federal slips input page.

TurboTax CD or Download Standard

GHarpe

Unfortunately, this will not be in the next update but we thank you for your feedback, we value your opinion and will share this information with the proper TurboTax team.

Thank you for choosing TurboTax.

boomechoAuthor

Hi TurboTax Ginette. Sending this feedback to the proper TurboTax team does not answer my questions. This feedback has been provided by others on this forum going back at least 5 years with no action by the proper Turbotax team. After all this time why has the TurboTax team not implemented an input box for the exchange rate to use for the conversion under the Source Country line? What is the problem with adding this exchange rate box? It's the same logic/approach TurboTax uses for the "Foreign" federal slips input page so that the coding effort appears truly minimal. A response from the responsible TurboTax team is respectfully requested.

GHarpe

TurboTax follows the Canada Revenue Agency (CRA) directions. As there is no calculation capabilities on their information slips, we do not include them either. The exchange rate continuously changes, therefore as seen below, from the CRA website, it is the taxpayer's responsibility to calculate the exchange if needed.

As per the Canada Revenue Agency (CRA) Foreign income

If you received foreign interest or dividend income, report it in Canadian dollars.

Use the Bank of Canada exchange rate in effect on the day that you received the income. If you received the income at different times during the year, use the average annual rate. The average monthly rate and the daily rate are available by visiting the Bank of Canada.

Thank you for choosing TurboTax.