It depends -
If you are a US citizen, you received a T5008, you will only have to report any dispositions of a security for a gain/loss you should report this on your return. This applies to gains/losses realized when you sell shares or mutual funds and to income earned when you dispose of securities like mature T-bills.
However, if you disposed of an interest bearing instrument (e.g., a high interest savings account) where you’ve already reported your interest income on your return (e.g., on a T5 slip), you probably don’t need include this T5008 on your return.
Just include any stock/security sales as the sale of a capital asset (In USD), select "everything else" and report under this section.
To enter the sale of
a capital asset in TurboTax, log into your tax return (for TurboTax Online
sign-in, click Here and click on
"Take me to my return") type "investment
sales" in the search bar then select "jump to investment sales". TurboTax will guide you in
entering this information.
The Internal Revenue Service has no official
exchange rate. In general, use the exchange rate prevailing (i.e., the spot
rate) when you received the income. Please refer to the following IRS links for
more information about Foreign
Currency and Currency Exchange Rates and Yearly
Average Currency Exchange Rates
