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FollowUp on an issue in TurboTax

ftrout — Thu, 20 Nov 2025 14:08:52 GMT

Hello, I am doing a followUp on an issue in the 2024 version that needs to be corrected for 2025. This is rewarding investment accounts in another currency and T5008.

On T5008 (Relevé 18) there is a box #13 for account currency, Turbotax 2024 doesn’t support the #13 box. If you have an investment account in USD, the dealer or fund manager will issue the T5008 with transaction values in USD. The impact of that is the client need to convert all transactions (purchase and sell) from US& to CAD $. There may be an insane amount of transaction to manually correct in Turbotax, and you need to correct both the purchase price and the selling price.

I want to know if TurboTax 2025 will support T5008 in other currencies (Case 13), because I know other tax software do, I have a USD investment account and there are a lot of transactions in one year.

If you do not plan to fix this, I need to select and learn a new Tax Software for the next tax season.

Please confirm if you have plans to fix this issue for the next version, and please no bull**bleep** answer.

Regards

François Trout

Re: FollowUp on an issue in TurboTax

TurboTaxAniqua — Thu, 20 Nov 2025 17:14:26 GMT

We don't know what new changes will be introduced for TY2025 yet, as it has not been released. I will surely pass on your concern & feedback to the product development team.

Thank you for choosing TurboTax.

Re: FollowUp on an issue in TurboTax

ftrout — Sun, 23 Nov 2025 11:58:42 GMT

Waiting for a real answer, not Public Relations to dodge the question!

Re: FollowUp on an issue in TurboTax

ftrout — Mon, 24 Nov 2025 16:01:29 GMT

We are a few months away from the new version.

If they are not working to fix that bug now, it won't be corrected for the next tax season!

Please stop the non answers, I want to know if they are working on this issue, because if not, this is a major Show stopper for me.

I will not correct manually hundreds of transactions imported into TurboTax!

Regards

Re: FollowUp on an issue in TurboTax

TurboTaxAniqua — Mon, 24 Nov 2025 16:13:35 GMT

As mentioned earlier, we do not have any updates on this until the release of TurboTax software, which will be in mid-December. We'll update this thread whenever we have new information. We appreciate your patience.

Re: FollowUp on an issue in TurboTax

Gilles99 — Mon, 22 Dec 2025 14:55:46 GMT

You may want to verify the CRA site and read what you are suppose to do with trades done in USD

I believe you need to use the "settlement date" ( T+1 ) for conversion to CAD dollars, when you buy and when you sell ( which is always different as the exchange rate is changing every day )

I don't think T 5008 show settlement dates, so how can Turbotax do this, I do not think they can, you need to do your own calculations with the settlement dates ( Buy and sell ) for each security

Re: FollowUp on an issue in TurboTax

ftrout — Mon, 22 Dec 2025 19:11:39 GMT

No, other tax software use an average conversion rate to calculate the capital gain. Of course the Real historic rates cannot be used because it is simply impossible to track all the historical conversion rates (buy and sell) of that many transactions. (A stock that as been sold this year might have been bought two years ago)

The difference between the average rates and the real historical rates is not that important (sometimes you loose sometimes you gain), and it's not a capital gain or loss, it's a convertion gain or loss. You are not taxed on the withdrawal of your US bank account compared to the rate you purchased the US $ in the first place.

Other tax software already have this (support the currency code and convert amount with an average rate), and I will not use TurboTax anymore If you don't add it because it's just too much work to edit all transactions that have been imported from CRA.

Re: FollowUp on an issue in TurboTax

Gilles99 — Tue, 23 Dec 2025 01:50:07 GMT

Unless a new interpretation was issued by the CRA since 2014 ( which is possible and if so please tell me where to look for it :(

A question was asked:

"I had read somewhere that I can use the average exchange rate for the year when

calculating capital gains on U.S. stocks. Is that true?"

The answer was:

"No. The Canada Revenue Agency issued an interpretation in October, 2014, that expressly

disallowed this practice. “An average rate may be acceptable for items of income, but not

for capital gains,” the CRA said."

you can read the full article on the Globe & Mail at

https://www.theglobeandmail.com/globe-investor/investor-education/calculating-gains-and-losses-on-us-stocks-part-2/article28747713/

I will not argue with you, you do as you please, until the day the CRA does a verification you are OK

Income tax is based on the honour system

for me this closes

Re: FollowUp on an issue in TurboTax

ftrout — Tue, 23 Dec 2025 18:08:14 GMT

Again, you must make the difference on US stocks in a Canadian $ account Vs US stocks detained in a US account. For US Stocks detained a Canadian account, the transaction (purchase and sell) money comes/goes from/to the account cash in CDN $, therefore the transaction will be recorded at the Canadian $ value. The T5800 will be issued the financial institution at that value, and there is nothing to do.

For US stock detained in a US account, the cash is in US $ therefore there is no currency conversion happening at the moment of the transaction. Purchase price and selling price are recorded in US value and are indicated on the T5800 at that value. The #13 case on the T5800 will indicate USD as the currency. If I bought a stock at 100$ USD 3 years ago and sold it 120$ USD in the current year, the capital gain is 20$ US there is no way you can trace the original cost in CND $ (the money might ben in the US account for years in differen form Cash or othewr stocs). The 20$ US of capital gain must be converted in CND $ to be included un the in the tax return. With hundreds of sale transactions happening in the year it’s appropriate to use a year average (year average is not the most favorable rate of the year it should be a real appropriate average, so in the end, using an appropriate average should change almost nothing compared to tracking the individual rates of each transaction.

This is the way other tax software (namely Ufile) do, they sum all the 20$ USD reported in the T5800 with a case #13 = USD and convert the total in CND $ using an average year conversion rate in the Tax return (the original T5800 are not messed with). Unless you use a bogus conversion rate, there in no issue of doing so, and with hundreds of transactions that have been reported on T5800, it’s the only practical Way.

Let’s look at what Turbo Tax wants me to do:

Correct all T5800 transactions to change purchase and sale price to CDN $;
Or delete all T5800 transaction and replace them with one total entry that I have calculated on the side with a spreadsheet;

In both case there will be a discrepancy between the T5800 submitted electronicky by the financial institution and the tax return, that will likely trigger a revision from the revenue agency every time.

This is why I this is major issue, and I will not use TurboTax anymore if you do not correct this.

The currency conversion gain (that will happen only if you convert US$ back to CDN $) doesn’t have to be reported. It is the same situation as if I open a US$ account in a Canadian bank and deposit 100$ (cost me 120$ CDN), I will receive a T5 for interest on the 100$, but I will not be tax in the event I withdraw and convert back the 100$ and I receive 130$ CDN.

Re: FollowUp on an issue in TurboTax

Gilles99 — Tue, 23 Dec 2025 18:55:49 GMT

We just do NOT agree

I fully know what is a U$ account in U$ dollars

Turbotax is NOT multicurrencies

I you bought a security in USD in a US account when the exchange rate was at pair between CAD and USD

and sold it today with an exchange rate of 1.35, are you telling me that that 35% premium is not taxable, if your T5008 was to use the 2025 average exchange rate for the price bought and the price sold this would be escaping taxes on a revenu which could be pretty high

Honestly I DO NOT want Turbotax to do this, I calculated the exchange on Stocks bought price and sold price for years and that never triggered CRA to investigate

And Intuit should put their input in this thread, as they have the necessary ressources to verify with CRA at a high level not the phone service for citizens which too often provide wrong info

Anyway, lets agree to disagree and hopefully Intuit will answer this thread to clarify for other users

Re: FollowUp on an issue in TurboTax

Gilles99 — Tue, 23 Dec 2025 19:17:12 GMT

I just went to see the discussion forum on the "other" software you mentioned in your post

and that Software do have a box for the exchange rate for T5, T3 as those are calculated on the annual exchange rate

but not for T5008,

as someone explains that we have to use exchange rates on the settlement dates ( Buy and Sold ); it cannot be the same exchange rate for the Buy transaction and the Sell transaction

Re: FollowUp on an issue in TurboTax

ftrout — Wed, 24 Dec 2025 02:56:57 GMT

Seriously!

Finding out the ongoing currency exchange rates for hundreds of dates???

It is obvious, that you never did it! Because if you actualy did it, you would not want to do it again!

Ok, I am I out of here, and will be changing my Tax software!

Has I said, there are others that do manage the content of Case #13 on the T5080, but TurboTax doesn’t!

Re: FollowUp on an issue in TurboTax

Anonymous — Wed, 24 Dec 2025 13:31:35 GMT

Can you please let us know if you are using TurboTax Online or TurboTax Desktop?

Re: FollowUp on an issue in TurboTax

ftrout — Wed, 24 Dec 2025 13:40:54 GMT

Turbotax Desktop Premier

Re: FollowUp on an issue in TurboTax

Anonymous — Mon, 29 Dec 2025 13:32:24 GMT

Thank you! Let me put a request through, and I will get back to you when I hear back.

Re: FollowUp on an issue in TurboTax

ftrout — Mon, 29 Dec 2025 14:27:40 GMT

Tax season is around the corner, it's a bit late to put in a request for that. It's a whole functianality missing, not simple bug to fix. I contacted you a long time ago (just after the last tax season) to give you time to implement the corrections. I guess you can close the issue as "unsolved", and I will change my tax preparation software because it was a very frustrating experience last year, and I am not willing to pay for a tax preparation software and be forced to calculate capital gains on US stocks in a spreadsheet outside of the software that should do it for me. At the same time I contacted you last year, I have started to search for alternatives. And I found one that does it. So I will be learning a new tax software this year! Wasn't my first choice, but that's on you!