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Which currency exchange rate should I use when reporting income from a foreign bank account in a RRSP for the California State return?

Forum|Forum|3 years ago
February 27, 2023
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I have monthly income from an ETF in a RRSP and I'm not sure how to calculate the total income for the year. Should I convert the monthly income with the exchange rate on the day of the distribution or calculate the total income for the year and use the average rate for the year, or the rate on December 31?

Thanks

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Best answer by LindaS5247

You can do it either way. You can do it as received or using the average year-end rate. You can figure it whichever way is to your benefit.

Click here for more detailed information on currency exchange rates.

LindaS5247Answer

You can do it either way. You can do it as received or using the average year-end rate. You can figure it whichever way is to your benefit.

Click here for more detailed information on currency exchange rates.

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