2011 Average Currency Exchange Rates for CRA Tax Returns




Average rates for 2012 are here.

Once again, it's another year, and I publish a set of the average currency exchange rates for 2011, which are usually used for converting gains/losses into Canadian dollars. These are the rates that you could use for your tax return due April 30, 2012 for the 2011 tax year. These rates are unofficial, but they are from the Bank of Canada website, which the Canada Revenue Agency says you can use here.
   
For the most part, people need to convert between Canadian Dollars and US Dollars, and that average rate for 2011 is: 0.98906920

Be sure to not mess up the math. For the 2011 year, on average, the US dollar was worth MORE LESS than the Canadian Dollar. In other words, you need more than 1US$ to buy just 1CAD$. So, US$1000=CAD$989.08

Check out some of my articles about US$ Banking for Canadians and how to get better exchange rates:
Looking for a EURO-denominated bank account in Canada? They exist!

Do consider applying for a no-fee 1% cash back + 3% cash back on gas+groceries Mastercard, the Smart Cash MasterCard┬« Credit Card here. It's better than your big bank-issued card. I use it, you should too.   

Country&Currency

Number of CAD$ you get for one of that country's currency unit


Country&Currency

Number of CAD$ you get for one of that country's currency unit

Argentina Peso

0.2277


Morocco Dirham

0.1222

Australian Dollar

1.0206


Netherland Antilles Guilder

0.5641

Bahamas Dollar

0.9891


New Zealand Dollar

0.7824

Brazil New Real

0.5920


Norway Krone

0.1765

Burma Kyat

0.1835


Pakistan Rupee

0.01145

Chile Peso

0.002047


Panama Balboa

0.9891

China Renminbi/Yuan

0.1531


Peru New sol

0.3592

Colombia Peso

0.000536


Philippines Peso

0.02285

CFA Franc

0.002099


Poland Zloty

0.3350

CFP Franc

0.01154


Romania Nouveau Leu

0.3250

Croatia Kuna

0.1852


Russia Ruble

0.03369

Cz. Republic Couronne

0.05603


Serbia Dinar

0.01351

Denmark Crone

0.1848


Singapore Dollar

0.7868

East Caribbean Dollar

0.3705


South Africa Rand

0.1368

European Euro

1.3767


South Korea Won

0.000893

Fiji Dollar

0.5517


Sri Lanka Rupee

0.008950

Ghana Cedi

0.6398


Sweden Krona

0.1525

Guatemala Quetzal

0.1252


Switzerland Franc

1.1187

Honduras Lempira

0.05235


Taiwan New Dollar

0.03365

Hong Kong Dollar

0.127055


Thailand Baht

0.03244

Hungary Forint

0.004945


Trinidad&Tobago Dollar

0.1549

Iceland Krona

0.008524


Tunisia Dinar

0.7033

India Rupee

0.02126


Turkey New Lira

0.5910

Indonesia Rupiah

0.000113


United Arab Emirates Dirham

0.2693

Israel New Shekel

0.2766


United Kingdom Pounds

1.58607000

Jamica Dollar

0.01156


United States Dollar

0.98906920

Japanese Yen

0.01242


Venezuela Bolivar Fuerte

0.2303

Malaysia Ringgit

0.3234


Vietnam Dong

0.000048

Mexico Peso

0.07976




Source: http://www.bankofcanada.ca/stats/assets/pdf/nraa-2011.pdf    


If you're looking for SPOT exchange rates, I have a listing of listings here.

Can you also claim the

Can you also claim the conversion cost that financial institutions charge over and above that rate? For example, a bank could take 2% more from the rate.

Conversion Costs for CRA

Q: Can you also claim the conversion cost that financial institutions charge over and above that rate? For example, a bank could take 2% more from the rate?

I would like to know the answer to this as well. I have had long discussions with CRA on this who have referred me up the line. I have been assured that the BoC "Cash Rate" (which seems to allow about 4% for conversion charges), can be used. I can find no specific CRA documentation on this .howerer.

incorrect statement

Could you correct the statements? The BoC says 1 USD - 0.98906920 CAD. Therefore the CAD is worth more than the USD and the statements above are incorrect.

People who don't read the comments will get the wrong idea.

I think everything should be

I think everything should be corrected/clarified now.

U.S. to Canadian rate

Assuming that the rate of 0.9891 is correct, wouldn't this imply that the Canadian dollar was worth MORE than the U.S. dollar? Going back through time, the U.S. dollar has almsot always been stronger and thus the exchange rate would be 1.XXXX.

Using your example, $1,000 U.S. X 0.9891 = $989.10 Canadian dollars.

$989.10 CDN X 1.0111=$1,000 U.S.

Therefore, the Canadian dollar was, on average, STRONGER than the U.S. dollar.

You are correct that, on

You are correct that, on average, in 2011, the Canadian dollar was worth MORE than the US Dollar.

I've double-checked the rates from the Bank of Canada source, and the chart is correct, but my attempt to make sure that people don't confuse which is worth more was incorrect.

Thanks for your comment!

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