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?
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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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.
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