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Sangwone
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?

2 Comments
litschel
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.

ProFile Duncan
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