Wondering if I need to do a manual conversion for T5s and T5008s for US accounts imported from CRA, or if TurboTax handles that. If I do, what is the best practice for this? A) Use an average rate for the year, B) Use the daily rate for each transaction, or C) Something else.
Yes, you'll need to manually convert amounts if they are not in Canadian dollars. Use the Bank of Canada exchange rate in effect on the day these amounts arise. Or, if you received multiple payments at different times during the year, use the average annual exchange rate. You can get the exchange rates from the Bank of Canada.
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