2010 Average Currency Exchange Rates - Canadian Dollar, US Dollar, Euros, for CRA Tax Returns

It's that time of the year again, tax time.

January 2012 Update: Here's a link to the rates for 2011 (ie: the rates you will probably use for your tax return due April 30th 2012)

For those looking for the average annual exchange rate for the Canadian dollar and other currencies for 2010, here they are unofficially.
IE: If you're filling out a tax return and filing it for the CRA's April 30th 2011 deadline for personal tax returns. .

Please contact your accountant or other financial professional as to when you should be using these exchange rates (sometimes you shouldn't be using the average rates here).

These rates are straight from the horse's mouth: The Bank of Canada, which the CRA advises you to use. I merely copy and pasted their rates here.

If you handle a lot of US Dollars, you may be interested in some of my other articles for Canadians like you and me that are often trading in or visiting the USA:

Argentina Argentine peso 0.2593
New Zealand Nouvelle-zélande dollar 0.743
Australia Australie dollar 0.947
Norway Norvège krone couronne 0.1706
Bahamas dollar 1.0299
Pakistan rupee roupie 0.01209
Brazil Brésil new real nouveau real 0.5823
Panama balboa 1.0299
Burma (Myanmar) Birmanie (Myanmar) kyat 0.1847
Peru Pérou new sol nouveau sol 0.3646
Chile Chili peso 0.002022
Philippines peso 0.02285
China Chine renminbi 0.1521
Poland Pologne zloty 0.3423
Colombia Colombie peso 0.000543
Romania Roumain nouveau leu 0.3247
Croatia Croatie kuna 0.1875
Russia Russie rouble 0.03392
Czech. Republic République tchèque koruna couronne 0.05404
Serbia Serbe dinar 0.01329
Denmark Danemark krone couronne 0.1834
Singapore Singpour dollar 0.756
East Caribbean Caraïbes Orientales dollar dollar 0.3882
South Africa Afrique du Sud rand 0.1409
European Euro Europe Euro Euro 1.3661
South Korea Corée de sud won 0.00891
Communauté Financière Africaine franc C.F.A 0.002083
Sri_Lanka rupee roupie 0.009112
Ghana cedi 0.719
Sweden Suède krona couronne 0.1432
Guatemala quetzal 0.1278
Switzerland Suisse franc 0.9896
Honduras lempira 0.05451
Taiwan new dollar nouveau dollar 0.03269
Hong kong dollar 0.132572
Thailand Thaïlande baht 0.0325
Hungary Hongrie forint 0.004968
Trindad&Tobago Trinité et Tobago dollar 0.1623
Iceland Islande krona couronne 0.008445
Tunisia Tunisie dinar 0.7202
India Inde rupee roupie 0.02255
Turkey Turquie new lira nouvelle livre 0.6837
Indonesia Indonésie rupiah roupie 0.000113
United Arab Emirates Émirats arabes unis dirham 0.2804
Israel Israël new shekel nouveau shekel 0.2759
United Kingdom Royaume-Uni pound livre 1.59177012
Jamaica Jamaïque dollar 0.01186
United States Etats-Unis dollar 1.02993904
Japan Japon yen 0.01176
Venezuela bolivar fuerte 0.2468
Malaysia Malaisis ringgit 0.3201
Vietnam dong 0.000054
Mexico Mexique peso 0.1224

Please be absolutely sure that you are calculating the resultant Canadian dollars the right way. For example, the Canadian dollar is worth substantially more than a Vietnamese dong, and slightly less than a US$, on average, for the Year 2010.  A handy place to lookup spot exchange rates is xe.net.

Please check the more Official Rates at the Bank of Canada here.   

exchange rate vs foreign exchange at the bank

I'm trying to figure out how to factor in the difference between the Bank of Canada stated U.S. dollar to Canadian dollar exchange rate, and the actual exchange rate used by my bank. The spread is about 3%. Obviously, the bank is pocketing that money, which means it is an expense for me, and I'm actually receiving 3% less than the going Bank of Canada rates. Can you deduct this expense somewhere?

How you get USD = 1.02993904 Canadian Dollar

I check http://www.cra-arc.gc.ca/tx/ndvdls/fq/xchng_rt-eng.html but I still have no idea how you can figure out USD = 1.02993904 Canadian Dollar from the link there.

Please advise. Thanks a lot.

Click through that link, then

Click through that link, then go to the Bank of Canada, and click on the Annual exchange rate averages towards the bottom, and click on "2010" which will pull up the PDF that I got all of my numbers from (and which I linked to as well).


Thanks a lot, Dan. For years I have wasted 1/2 hour online and 1/2 hour on the phone trying to get the simple figure of average U. S. / Canadian exchange rate for the previous year from Revenue Canada. Without success. You are now on my FAVs list. Appreciate much.

hi there so i just wanted to

hi there so i just wanted to know how can i figure out the rounded price to the nearest sent and dollar of this website. i really like it it is very helpful too thank yo

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