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Level 1

Us dollar interest in Canadian bank account

If I have a Us dollar account in a Canadian bank,do I report the interest as a normal interest converted into Canadian dollar or do I report it as a foreign interest?

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Level 3

Us dollar interest in Canadian bank account

Interest earned in a USD account would be entered as normal interest after converting to CAD.  The bank should have sent a T5 showing the amount.  If the interest as earned as part of an investment, it would be classified as foreign interest.

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ProFile Team

Us dollar interest in Canadian bank account

Hi, thank you for using Intuit ProFile Community

Generally a Canadian bank will issue a T5 slip for the interest earned in the year. The interest should be converted to Canadian dollars and reported on line 12100 of the 2019 T1.

Hope this helps