Canada - turbo tax you follow the entries by box number you will end up making a mistake and your totals will include a sum of different currencies -need some warning

Forum|Forum|2 years ago
March 20, 2024
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there is a note on the second page of gov't issued T4A's but unless you read that you will end up mixing currencies - so need better instructions or warnings

TurboTaxSusan

All entries should be made in Canadian dollars unless other wise noted. Also, if the Canadian or a provincial government issues a tax slip, it will be in Canadian dollars.

KiteraAuthor

This issue comes about when brokerage houses issue T slips - they are not restricted to Canadian dollars. (There could be other organizations issuing T slips in other than Canadian dollars.) Those translations must be done manually before being entered and there is no part of the program that allow you to put in an exchange rate and have it entered and show up in Canadian dollars. Be careful of T slips that have both Canadian and foreign currency - you have t make sure that the foreign currency is translated but use the Canadian numbers directly from the T slip. BMO Investorline issues this kind of mixed currency T slip.