samuelyoung Posted March 9, 2022 Report Share Posted March 9, 2022 foreign exchange gain shall be reported as capital gain, how /where can I report this with UFile ? thanks. Quote Link to comment Share on other sites More sharing options...
G-Hiotis Posted March 9, 2022 Report Share Posted March 9, 2022 Hi, As per the CRA capital gains guide you need to report foreign exchange gains > $200 CAD on Schedule 3 under "Bonds, debentures, promissory note, and other similar properties. To do this in UFile you need to go to the interview setup section and check "Capital gains (or losses) and capital gain history". On the left-hand display click on "Capital gains (or losses) and ABIL, and select Bonds, debentures, promissory notes. Identify the currency under "Description of property" and convert the amount to Canadian dollars using the Bank of Canada web site or OANDA. You need to convert the amounts to CAD manually and enter your proceed and adjusted cost base accordingly. [note: I work for UFile] Here's the link to the capital gains guide: https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4037/capital-gains.html#P927_70485 Quote Link to comment Share on other sites More sharing options...
samuelyoung Posted March 9, 2022 Author Report Share Posted March 9, 2022 Many thanks ! G-Hiotis 1 Quote Link to comment Share on other sites More sharing options...
RainbowRee Posted December 4, 2023 Report Share Posted December 4, 2023 Reporting foreign exchange gains as capital gains is a common practice, and when using UFile or similar tax software, you'll typically navigate to the section designated for capital gains and losses. There, you can input the relevant details about your foreign exchange gains, ensuring that you comply with your tax obligations accurately. Now, speaking of digital currencies like Bitcoin, managing these assets effectively can be important. If you ever find yourself needing to exchange Bitcoin, platforms like bitcoin to perfectmoney usd can be quite helpful. They offer a straightforward way to convert Bitcoin to Perfect Money USD, allowing you to handle your digital assets with ease. Quote Link to comment Share on other sites More sharing options...
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