Box 24 Foreign Currency is not present on T5 page. Should it be entered elsewhere?

Forum|Forum|3 years ago
April 29, 2022
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TurboTaxSusan

As per this Canada Revenue Agency (CRA) webpage - T5 Statement of Investment Income – slip information for individuals Box 24 on the T5 is "Actual amount of eligible dividends". There is no box for Foreign Currency on the T5.

Please double check what slip you have.

ykorzhenAuthor

Sorry for mispint, it should have been box 27.

TurboTaxSusan

TurboTax doesn't do currency conversions. So instead of a Box 27, you would enter the country in the box labeled "Source country of foreign income" at the bottom, but then then you would enter your amounts in Canadian dollars. You can get the exchange rate from this Bank Of Canada webpage: Exchange Rates

ykorzhenAuthor

Source country of Foreign income is n/a, as this is US dollar saving account in Canadian Bank. Please advise also which exchange rate should be used? Daily? Monthly? Annual?

TurboTaxSusan

Annual would be the easiest to use, but you can use the one of the other rates if it is more favorable to you. Ex: If you have interest from a US dollar bank account, you might want to use the daily rate for the actual day you received the interest, if that results in a smaller number.