T5 slips for USD accounts at Canadian FI | Income tax filing | Discussion forum

Different institutions do it in different ways. I've seen it done both ways.

The annual forex rate as published by Bank of Canada is 1.2535 for 2022. That is what any reputable organization would use and what one would use in their own tax return for CAD equivalents.

rhvic said
Apologies if this has already been answered in other forums:

I just contacted Tangerine to find out where my T5 slip is for my USD account. They informed me that they put all of the interest earned on all savings accounts into one T5 slip, using an average conversion factor for USD for the calendar year. Tangerine insists they have been putting it all in one T5 for many years.

This surprised me, as in past years Sunova for example has sent me a separate T5 for their USD accounts.

Anyone else still getting separate T5 slips for USD accounts?  

had a US account with them for the last year or 2, and yes only 1 T5 for both CAD and USD.
Different FI can choose to report in USD or CAD. You have to see whats specified in the T5 and report accordingly. Same with T5008 which is why I never "import" from CRA, as all software I know of just assume its in CAD, kind of useless and onus on the user to check every single slip...

According to RBC Wealth: Currency tax reporting – foreign exchange gains and losses, the exchange rate used should be the one in effect on the settlement dates of the transactions. As an administrative practice, CRA will accept using the average for the year for income transactions:

Conclusion

Foreign exchange gains and losses on account of capital are technically required to be converted using foreign exchange rates that are in effect on the settlement date of the applicable transactions. In addition, income received in a foreign currency should be calculated using the foreign exchange rates in effect on the settlement date of the transaction (e.g., the date the interest is received). However, for administrative ease, CRA will also accept the conversion of income transactions using the average annual exchange rate for the year. If this option is used for income transactions, it must be used for all income transactions in the year.