T2202 Tuition and Enrolment Certificate in USD

Client studying in Canada but received 2019 T2202A in USD as the college's main office is in US. Which exchange rate date should I use to convert the amounts in Canadian dollars? Is there anything else need to be submitted to CRA? Thanks. 


  

Answer

I would use the Bank of Canada average exchange rate, unless they can provide you with the exact dates the tuition was paid, in which case you could use the exchange rate on that specific date. Even if the client did not have any Canadian wages and has no obligation to file a Canadian tax return, I would still file a Canadian non-resident return anyway to report the tuition. That way they can carry it forward to potentially use in future years if they decide to stay in Canada after they are done school or get a job in Canada while they are going to school 

Was this answer helpful? Yes No

No answers have been posted

More Actions

People come to ProFile for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach: