Hello,
I'm curious about how we should be entering our T5008 information and would like to use the example attached.
Summary
Trade was made via Questrade, in US Dollars
As such, Box 13 says USD
Boxes 20 and 21 were automatically filled out by NETFile (from the T5008 that Questrade would have sent to CRA)
Those 2 amounts are in USD
There is an option to input an exchange rate (no box number) in UFile
Which option below is more appropriate?
Option 1
Leave Box 13 as USD
Leave boxes 20 & 21 as the USD amounts
Enter an exchange rate in UFile
Will UFile use the USD amounts & Exchange Rate to automatically do the conversion to CAD for final submission to CRA?
Option 2
Leave Box 13 as USD
Enter an exchange rate in UFile
Manually use that exchange rate to calculate new amounts for boxes 20 & 21 (to be CAD)
If this option is used, I would hope the Box 13 "USD" and Exchange Rate is not double counted somehow, but more-so just as "FYI"s to the newly manually calculated CAD amounts. Can you confirm?
Option 3
Don't enter an exchange rate
Manually use an exchange rate to calculate new amounts for boxes 20 & 21 (to be CAD)
Change Box 13 to Blank / CAD
In this option, there would be no risk of double conversions as I would simply be entering the correct CAD information, but it seems wrong.
Thanks.