I imported a T5008 from the CRA. Boxes 13, 20 and 21 are in USD. TurboTax does not show box 13 "Currency". Do I need to convert boxes 20&21 to CAD manually?

Forum|Forum|2 years ago
March 10, 2024
2 replies
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I am using TurboTax online which does not allow me to see the underlying tax forms. So I do not know if TurboTax correctly imported field 13 as "USD" or if it assumes it's all in CAD, in which case I would need to manually convert boxes 20 and 21 to CAD myself.

Best answer by TurboTaxSusan

Yes, if the amounts on your T5008 are in USD, then you would have to convert them to CAD to enter them in TurboTax.

TurboTaxSusanAnswer

Yes, if the amounts on your T5008 are in USD, then you would have to convert them to CAD to enter them in TurboTax.

Anonymous

Why isn't box 13 shown in Turbotax? If I look at the T5008 while logged into CRA, box 13 is there and shows USD, for stocks that were bought or sold in US dollars.

When I look at the T5008s in either Easy Step or in the table view, box 13 is not shown. That means I have to delete EVERY T5008 slip that Turbotax downloaded from CRA since they're all there, but all the CAD and USD trades are numerically right but all mixed together without any exchange rate applied.

I have to either pick through them and find and delete the USD ones, or just delete them all, then use the PDF T5/T5008 the bank sent me, make separate tables for CAD and USD in Excel, apply the Bank of Canada 2023 exchange rate, and then enter the CDN and US totals into Turbotax.

The currency boxes were in CRA so they should have been in what TurboTax downloaded. Why was that information thrown away? All the program had to do, is show those boxes and give me another box to enter the exchange rate.

Turbotax has done the same thing for several years, discarding that essential currency information.

TurboTaxSusan

@2762554

As per the CRA:

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.

Foreign currency is usually converted to Canadian funds before it is credited to the recipient's account. However, certain taxpayers keep foreign currency accounts and choose to convert their account balances themselves. If you get proceeds of disposition in a foreign currency and deposit the amounts to your client's foreign currency account without converting them to Canadian funds, you can report in the foreign currency that applies. Identify foreign currency amounts by entering in box 13 the applicable currency code under International Standard (ISO) 4217.

So, the CRA wants the T5008 reported in CAD, but if it’s not, it assumes the taxpayer will convert the amounts (using the rate of their choosing).

However, we do appreciate your feedback on this issue, and we will send it to our development team.

tullioL

has the programmers at turbo tax ADDED a convert amount box so the us slips can be converted too cann dollars such an easy addon!!!!!

TurboImpotVeronique

Unfortunately, Bos 13 - Foreign currency, is not in TurboTax 2024 software. As per CRA: Foreign currency is usually converted to Canadian funds before it is credited to the recipient's account. We invite you to consult this CRA web page for more information.

We will share your feedback with the proper TurboTax Team.

Thank you for choosing TurboTax.

Anonymous

Why hasn't Intuit fixed this yet?

This has been a problem for years, and many people have told you about it. We KNOW box 13 is not in Turbotax, but it IS in the data CRA provides for download since I can see it when I log into CRA. The lazy way for Intuit to fix this would be to show box 13, but we would still have to go through and convert each one ourselves (which is kind of stupid, since we're using software that's supposed to take care of all the calculations for us). The proper way to fix this would be to show box 13 and add one field where the Bank of Canada specified conversion rate for the year can be entered and then Turbotax would convert all the USD to CAD.

Explaining that foreign currency is converted to CAD when credited to an account "according to the CRA" means Intuit doesn't understand the problem. The USD are not being converted to CAD since those trades happened within a USD account, which is why box 13 would state USD and is why box 13 is needed.

The real problem is why Intuit has been so uncaring about how well Turbotax actually works, and negligent in fixing a deficiency that has existed for years.