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T5008 Question


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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

T5008Question.thumb.png.61dd0ce65fa9e66852ef5efcb43b5e84.png

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.

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The currency type and amounts reported in your return should be consistent with the amounts shown on the T5008. So just add the official Bank of Canada 2023 average exchange rate of 1.3497 below boxes 20 and 21; i.e. option 1.
 

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7 hours ago, Geo123 said:

Hello BMart,

Enter the FX rate for USD eg. 1.3497 for all three (note it can be different for cost and proceeds)

 

image.png

Hi Geo,

I can't see your photo unfortunately. It's quite blurry, but it sounds like you're telling me I need to follow option #1 that I described, except fill out all 3 FX boxes instead of just the 1. Do you have any tips on figuring out the different FX rates? I looked into my questrade documents and it doesn't show anywhere. Do I need to try and look up the date I first bought the stocks, then go check the FX rate on that specific date, and do that for the date I sold as well? What about multiple different dates buying and selling of the same stock?
Thanks!

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 Hello BMart,

Do I need to try and look up the date I first bought the stocks, then go check the FX rate on that specific date, and do that for the date I sold as well?

>>Yes that is the ideal way to do it.

What about multiple different dates buying and selling of the same stock?

>>Then enter no date for acquisition date and enter the current year date and average for the year.

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17 hours ago, clw said:

Interesting, reading that CRA website/post, it would imply that I should actually follow Option 3, since it says to report your net gain or loss in Canadian dollars. I'll take both you and Geo's word for it though and hope that in summary it's like this:

- enter USD currency, USD amounts, and USD -> CAD exchange rate in UFile software (against what that CRA article recommends)
- but then UFile will use that information and convert it all to CAD amounts in the actual report that gets filed to CRA (in favour of what that CRA article recommends)

@Geo123
Regarding what you suggested, that's helpful I'll do that - thanks!

Thanks to both of you for your time.

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