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
Check out some of my articles about US$ Banking for Canadians and how to get better exchange rates:
- US Dollar Credit Card for Canadians
- US Dollar Bank Accounts for Canadians
- US-based Bank Accounts for Canadians
- Best Canadian Dollar to US Dollar Exchange Rates
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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