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Foreign Tuition

Hello,

I was wondering how to indicate foreign tuition slip on the T2202? The specific tuition is from the University of London.

Thanks,
Laura

You could make an F8 Memo for yourself.
Don’t think that it is necessary for the CRA.
Amounts entered on the T2202 need to be in Canadian dollars and you can still put in the number of months as provided on the TL11.

Okay that will work. In our previous software there was an easy access to foreign exchange rates. Do you know if TaxCycle has this somewhere in the software?

A quick way for me, is to go to a blank T5 slip. It has many various rates so you can just enter in your currency & amount and let it calculate for you.
Just remember to delete the slip after you get your Canadian dollar amount.
Good Luck.

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I use the foreign slip option to get the exchange rates.

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Good tip.
Faster than CRA all rates + FX.

But it would be nice if they have independent currency converter as short cut rather than do it in t5 which for the time being I also use but that was coolest feature in my previous software. Would be nice to see it in tax cycle in next update if possible. thanks.

Naval Gupta