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In general, the foreign currency amount should be converted using the Bank of Canada exchange rate in effect on the day of the transaction. Alternatively, the CRA will also generally accept a rate for that day from another source if it is: widely available. verifiable.
TaxTips.ca - Canada's 2022 & 2023 Personal income tax brackets and tax rates for eligible and non-eligible dividends, capital gains, and other income.
2023 US Exchange Average Rate. The annual average rate for converting US dollars for 2023, as per the Bank of Canada, was 1.3497 (1.3013 for 2022). To convert US dollar income/dividend amounts to Canadian dollars for 2023, multiply the US$ amount by 1.3497.
We've compiled the following table of year end and annual average exchange rates that are produced by the Bank of Canada, and can be used to convert income such as dividends, from US$ to Cdn$. To get the Cdn $ equivalent, multiply the US$ amount by the factor from the table.
YearDec 31 RateAnnual Average Rate20231.32261.349720221.35441.301320211.26781.253520201.27321.3415If you earned or paid amounts in 2023 that were in foreign currency (such as your foreign employment income, foreign interest, or the foreign income tax you paid), you’ll need to first convert these to Canadian dollars before reporting them on your tax return.
Dec 30, 2020 · Find out how & when to report foreign income to the CRA. Learn about tax treaties & situations when foreign income is exempt from Canadian income tax.
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May 3, 2024 · Foreign Currency and Currency Exchange Rates. Page Last Reviewed or Updated: 03-May-2024. Income and expense transactions must be reported in U.S. dollars on U.S. tax returns. Review a chart of yearly average currency exchange rates.
