How to report multiple currency transactions on T5008 (capital gains)
I have a brokerage account with Questrade and recently had a T5008 issued to me.
On this slip is a listing of my equity purchases and sales along with the capital gain or loss on each transaction.
Some of the equities were purchased on the TSX (CAD) while eithers were purchased on U.S. index (USD).
How do I report these on my tax return? Must I report in Canadian Dollar terms? If so, what is the exchange rate to be used?
(1)1 Comments
Sorted by latest first Latest Oldest Best
You have to report all transactions in CAD. T5008 shouldn't have capital gains but "cost or book value" and "proceeds of disposition". It's up to you to calculate your capital gain in CAD if it's not already.
It may be as simple as subtracting cost from proceeds and using an average exchange rate for the year. However, you're supposed to use exact exchange rates for capital gains on the day the trades were settled.
You also may have to adjust the cost to account for shares you or your spouse held in other accounts.
You can get these rates here. www.bankofcanada.ca/rates/exchange/
Terms of Use Privacy policy Contact About Cancellation policy © freshhoot.com2026 All Rights reserved.