Handling exchange rate within RESP

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CdnAmerican
Posts: 245
Joined: Tue Aug 30, 2011 12:15 am

Handling exchange rate within RESP

Post by CdnAmerican »

Hi all - I'm a US citizen living in Canada. I have an RESP with mutual funds and cash. If it has C$20K in MF's and C$10K in cash, I know I deal with the MF's using the 8621 (mark-to-market), and I understand how to do that.

But, I'm curious about how to deal with the cash; if it was C$10K throughout the year, but that results in, say, an increase in US$500 over the course of the year, do I include that as Other Income on my 1040, or do I just ignore it? Do I need to worry about reconciling my 3520/3520A with income from the 8621? Thanks in advance..
Not a professional opinion.
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