Personal Finance

Currency gains / loss reporting

  • Last Updated:
  • Apr 23rd, 2010 5:37 pm
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Deal Addict
Aug 26, 2004
3723 posts
869 upvotes
Toronto

Currency gains / loss reporting

I called Revenue Canada and spoke with three people all of them gave me a different answer on this.

I have an Interactive Broker account and coverted Canadian Dollars into US Dollars. My mistake is that I did not immediately buy stocks. I would put in a limit bid and sometimes it would be months before I bought something. I can't figure out why my dispositions on my T5008 is so high. When I asked whether I have to report my currency gains I was advised that I have to declare the gains or loss of a currency purchase as follows:

1. I buy some USD.
2. The day of the stock purchase I have to record the gain or loss of the currency.
3. Then also declare the gain/loss of the stock purchase when I sell.

Is this how others treat currency gain or losses?
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