Do you use the trade date or settlement date for CRA reporting capital gains, especially for exchange rates?
Do you use the trade date or settlement date for CRA reporting capital gains, especially for exchange rates?
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AlanSTACK · External communityPost link
External question — Personal Finance Stack Exchange
Author: AlanSTACK
Original post: https://money.stackexchange.com/questions/157500
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Suppose you engage in the following investment transactions while a Canadian resident:
(Buy MSFT) Trade Date: Jan 1st. Settle Date: Jan 3rd.
(Sell MSFT) Trade Date: Jan 10th. Settle Date: Jan 12th.
When converting cost basis and proceeds from USD to CAD for the CRA. Which days are you supposed to use for the official exchange rate for buying and selling respectively?
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littleadv · External communityPost link
External answer — Personal Finance Stack Exchange
Author: littleadv
Original post: https://money.stackexchange.com/a/157501
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You report your gains based on the
transaction
settlement(*) date.
(*) from your comments this is
the official CRA position
.
This is actually quite unusual, from my experience in the US and several other countries.
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Quoted from Forex.com.bd-Editorial External question — Personal Finance Stack Exchange Author: AlanSTACK Source score (net votes, not local likes): 1 Original post: https://money.stackexchange.com/questions/157500 License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/ Adaptation: HTML converted to plain text; contact email addresses removed. Suppose you engage in the following investment transactions while a Canadian resident: (Buy MSFT) Trade Date: Jan 1st. Settle Date: Jan 3rd. (Sell MSFT) Trade Date: Jan 10th. Settle Date: Jan 12th. When converting cost basis and proceeds from USD to CAD for the CRA. Which days are you supposed to use for the official exchange rate for buying and selling respectively?
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