Inspace000 Posted October 19, 2022 Report Share Posted October 19, 2022 Hello World! I have found lots of information on how to report gains and losses on foreign stocks, bonds, CDs, GICs, property, and other assets where it is easy to determine the ACB (adjusted cost basis). However, nowhere can I find information on how to determine a gain/loss on currency conversion from a active cash account. For example, I have had an money market account with a US bank for over ten years. I have deposited money in US dollars many times. This year, I transferred a lot of money in one transaction to use as a downpayment on a home. It's too large to ignore. I must report it. But what is the adjusted cost basis on money that has been in an account with a constantly fluctuating balance? One accountant privately told me to just use the previous year's average exchange rate as an ACB. However, that sounds suspicious. Can someone help me? Thank you. Quote Link to comment Share on other sites More sharing options...
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