Bank of Canada Exchange Rates: EURO/US: For Income Tax CRA Purposes



For 2009 Average Exchange Rates, See This Page.

Have a lot of US$? Consider getting a No-Fee US$ Mastercard from BMO to save on currency exchange fees.  

For foreign income, dividends and interest that you report on your Canadian tax return forms, you must report it in Canadian Dollars.

Anything you see on this page in red is quoted from the Canadian Revenue Agency/CRA website from the "Line 121..." and "Line 104..." links.

Line 121 - Foreign interest and dividends <!-- InstanceEndEditable --> <!-- CONTENT TITLE ENDS | FIN DU TITRE DU CONTENU -->

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If you receive interest or dividend income from another country, you have to report this income in Canadian dollars. Use the exchange rate that was in effect on the day you received the income. If you received the income at different times during the year, use the average annual exchange rate. The average monthly rate as well as the daily rate are available by accessing the Bank of Canada web site.

If you paid foreign taxes on your interest or dividend income, you may be able to claim a foreign tax credit when you calculate your federal and provincial or territorial taxes (see line 405). Do not subtract the taxes from your income when you report it.

And for Foreign Income:

Line 104 - Foreign employment income <!-- InstanceEndEditable --> <!-- CONTENT TITLE ENDS | FIN DU TITRE DU CONTENU -->

<!-- InstanceBeginEditable name="Main Content" -->

Foreign employment income is income earned outside Canada from a foreign employer. Report this income in Canadian dollars. Use the exchange rate that was in effect on the day you received the income or, if the amount was paid at various times throughout the year, you can use our average annual rate.

Note
U.S. wages reported on a U.S. W-2 slip may be reduced by such contributions to a "401(k), 457 or 403(b) plan, US Medicare and Federal Insurance Contributions Act (FICA)". These contributions are not deductible on your Canadian return and must be added to your employment income at line 104.

If you paid foreign taxes on foreign income you received, do not reduce the amount you report by the amount of tax the foreign country withheld. However, you may be able to claim a foreign tax credit when you calculate your federal and provincial or territorial taxes. See line 405 - Federal foreign tax credit, for details.

Sooooo...

AVERAGE 2007 Exchange rates from the CRA:

from: http://www.cra-arc.gc.ca/E/pub/tg/rc4152/README.html
Well, actually, they're Bank of Canada rates, the CRA just copies them.

Country (monetary unit) Exchange rate Country (monetary unit) Exchange rate

Argentina (peso)

0.3420

Morocco (dirham)

0.1310

Australia (dollar)

0.8982

Netherlands Antilles (guilder)

0.6038

Bahamas (dollar)

1.0748

New Zealand (dollar)

0.7892

Brazil (new real)

0.5513

Norway (krone)

0.1832

Burma [Myanmar] (kyat)

0.1931

Pakistan (rupee)

0.01769

Chile (peso)

0.002055

Panama (balboa)

1.0748

China (renminbi)

0.1412

Peru (new sol)

0.3432

Colombia (peso)

0.000518

Philippines (peso)

0.02328

Croatia (kuna)

0.2002

Poland (zloty)

0.3883

Czech Republic (koruna)

0.05293

Romania (nouveau leu)

0.4153

Denmark (krone)

0.1972

Russia (rouble)

0.04198

East Caribbean (dollar)

0.4029

Serbia (dinar)

0.01800

European Monetary Union (euro)

1.4691

Singapore (dollar)

0.7126

Fiji (dollar)

0.6680

Slovakia (koruna)

0.04350

Communauté Financière Africaine (franc) C.F.A.

0.002240

South Africa (rand)

0.1523

Communauté Française du Pacifique (franc) C.F.P.

0.01231

South Korea (won)

0.001156

Ghana (cedi)

1.0689

Sri Lanka (rupee)

0.009727

Guatemala (quetzal)

0.1400

Sweden (krona)

0.1589

Honduras (lempira)

0.05688

Switzerland (franc)

0.8946

Hong Kong (dollar)

0.137744

Taiwan (new Taiwan dollar)

0.03271

Hungary (forint)

0.005848

Thailand (baht)

0.03323

Iceland (krona)

0.01677

Trinidad and Tobago (dollar)

0.1708

India (rupee)

0.02605

Tunisia (dinar)

0.8392

Indonesia (rupiah)

0.000118

Turkey (lira)

0.8221

Israel (shekel)

0.2614

United Arab Emirates (dirham)

0.2700

Jamaica (dollar)

0.01561

United Kingdom (pound)

2.14865378

Japan (yen)

0.009121

United States (dollar)

1.07478127

Malaysia (ringgit)

0.3125

Venezuela (bolivar)

0.000501

Mexico (peso)

0.09832

Vietnam (dong)

0.000067

If you are NOT using the average exchange rates for filing your annual Canadian income tax forms, then take a look at the Bank of Canada's page at:

Bank of Canada Daily Exchange Rates for 56 Currencies

 

 

 

 

excange euros to cad

This is not a comment, it is a question as I need some help. I received some euros from a heritance and I do not know what is best to do as the excange rate here at the bank is low, for a 20 000 they will give me some 1000 less than the currency excange rate I found on the internet . I wonder for a biger ammount what will that be? I will lose a lot from my money the way I see. Where to change and overall how to handle this so that I can use this money. I opened an euro account at the TD bank for now and this is all. Please help me with some information :)
PS I live in Montreal Qc.

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