On the T776 Statement of Real Estate Rentals go to the Property outside Canada section.
Select the Currency. For certain currencies (such as USD, EUR or GBP), you can choose either the year average or a monthly exchange rate.
When you select the currency, TaxCycle inserts the exchange rate.
Enter any foreign tax paid.
Type the country name to trigger FTC calculations. TaxCycle uses the country name to associate the income and tax with the related FTC worksheet and make a claim on the T2209 or T2036 forms. To group information for the same country onto the same set forms, enter the same country name on all forms or slips claiming foreign income or tax. For example, enter USA on all foreign forms and slips rather than US on one and USA on another.
Enter the address and city of the property.
From the province list, select the US state. This field only supports Canadian provinces and US states.
Enter the Canadian postal code for the taxpayer. To EFILE, this field cannot contain a format override (Ctrl+F2).
Select the country code.
Enter the number of units.
In the Foreign column, enter rents in the foreign currency.
TaxCycle automatically converts the amount to Canadian dollars and displays it in the Gross rents (CDN) column.
Enter the expenses in the Foreign column.
TaxCycle automatically applies the exchange rate and calculates the deduction.
