Foreign income

Entering this Amount (from Forms):

Foreign income and federal foreign tax credit

Enter income reported on T3, T4PS, T5, and T5013 slips, including foreign business and non-business income, in the T-slips entry screens.
Using the T-slips entry screen.

Most of the time, your slip will show the amount in Canadian currency. However, if the amount is in a foreign currency (i.e. there is a currency code such as USD or GBP associated with the amount), convert it to Canadian dollars before you enter it.

If you received (or paid) the amount on a certain day and you know the exchange rate for that day, use it. However, if you received (or paid) the amount over time, use the average exchange rate over the period (daily, monthly, or annually) in which the income was earned. To find the average exchange rate, To find the average exchange rate, see the Bank of Canada's Exchange Rates web page..
If you have foreign non-business income not reported on a T-slip (such as income from employment or US social security), enter it in the Foreign T-Slips and Receipts entry screen. Do not convert these amounts to Canadian dollars. TurboTax converts the amounts automatically based on the exchange rate you enter.
Report foreign business income for which you did not get a T-slip on the appropriate self-employment form.
Report these amounts (including foreign tax and expenses paid) in Canadian dollars.
Review Form FTC, Foreign Tax Credit Worksheet, and enter any foreign business or non-business income or tax that you have not entered elsewhere directly on this form.
To find this form, use Form Lookup and enter the keyword ftc.

TurboTax completes form T2209, Federal foreign tax credits, and shows your foreign tax credit at line 40500 of Schedule 1.

Entering this Amount (from Interview):

Entering federal foreign income and claiming foreign tax credits (interview)

Enter income reported on T3, T4PS, T5, and T5013 slips, including foreign business and non-business income, in the T-slips entry screens.
Using the T-slips entry screen.

Most of the time, your slip will show the amount in Canadian currency. However, if the amount is in a foreign currency (i.e. there is a currency code such as USD or GBP associated with the amount), convert it to Canadian dollars before you enter it.

If you received (or paid) the amount on a certain day and you know the exchange rate for that day, use it. However, if you received (or paid) the amount over time, use the average exchange rate over the period (daily, monthly, or annually) in which the income was earned. To find the average exchange rate, To find the average exchange rate, see the Bank of Canada's Exchange Rates web page..
If you have foreign non-business income not reported on a T-slip (such as income from employment or US social security), enter it in the T-Slips and Receipts entry screen, under Foreign. Do not convert these amounts to Canadian dollars. TurboTax converts the amounts automatically based on the exchange rate you enter.
If you have foreign business income not reported on a T-slip, enter it in the INCOME & EXPENSES section of the interview, under Self-employment.
Review your foreign business and non-business income in the DEDUCTIONS & CREDITS section of the interview, under Payments profile.
1. If you entered foreign business or non-business income elsewhere but does not appear on the Foreign Tax Credits screens, enter it in the boxes provided. Be sure to report these amounts in Canadian dollars.
  Note: Do not re-enter amounts that are already displayed on the Foreign Tax Credits screen. For example, investment/pension income you entered on the T-slips entry screen will be displayed. Do not re-enter these amounts.

TurboTax completes form T2209, Federal foreign tax credits, and shows your foreign tax credit at line 40500 of Schedule 1.