Individuals cannot elect to use a functional currency, nor can they report the amounts on a T1135 in a functional currency. Under section 261(3)(b) of the Income Tax Act, only corporations are entitled to make a functional currency election.
You must report the amounts on your T1135 in Canadian Dollars, however if the same exchange rate applies to all your amounts you may use the FX field in Wealthsimple Tax and we’ll do the conversion for you.
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