Please add tracking of foreign exchange gains or losses for investment accounts
Right now you can only track capital gains on stocks bought and sold using the exchange rate in Canadian dollars. But this is insufficient for Canadian tax reporting. Also needed is tracking the gain or loss on the US dollar when converting funds and making trades in US stocks. This should be a separate report such as foreign exchange gain/loss report. Note that this is NOT the same as the capital gains report on stock sales. It represents the gain or loss on timing difference in converting currency via cash trades, also buying and selling securities where funds remain on hand in foreign currency on different days and different lots.
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I agree. The older version allow us to create a report in the effective currency. The latest version doesn't allow for that.
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To do it properly I need to run an Investment Transactions report in US dollars so I can see the exchange rate for each trade. System won't let me.
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when you buy a US stock, you've sold an equivalent amount of us dollars. When you sell us dollars, you've deemed to have bought Canadian dollars which is a disposition of foreign currency. When you buy another stock and sell it , this foreign currency inventory is adjusted again ha. There are lots of calculations to do, not to mention initial deposit, and manual foreign exchange conversions. They really need a report. But only for Canada I think as most countries don't tax currency movements..most Americans invest in their own us market so no issue. Not sure if USA has such a regime for a US taxpayer buying Canadian or euro currency
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Is this what you are seeing?
I'm not sure if this is a bug with the current release in the US version or it wasn't possible before.
They have a new "early access" customize that now looks like this:
(The transaction was in USD).
As for the rest, Wow that sounds complicated. I don't do anything with "currencies", so I'm certainly not the one to know about this, but for the US as long as one only buys from US exchanges, none of this would really apply. You would have to buy on a foreign exchange and even with that even though I have seen things about "declare as foreign" unless you are actually trading currencies not other securities I don't think there is anything in the tax code that is about the timing of the currency exchange to buy those securities. No more than if I was to go to Canadian and exchange USD for CAD.
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