Average 2008 Currency Exchange Rates: For CRA, Canadian Revenue Agency Purposes

Average Canadian Currency Exchange Rates for 2008

Please click here for the 2009 CRA Average Currency Exchange Rates

The CRA has a rather annoying process to get the average 2008 exchange rates for income tax reporting purposes.

So, here's a list I've created from the Canadian Revenue Agency (ie: the Canadian tax department) data:

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Country (monetary unit) Exchange rate Country (monetary unit) Exchange rate      
United States (dollar)
 1.06601429 European Union (EURO)
Argentina (peso) 0.3319 Morocco (dirham) 0.1375
Australia (dollar) 0.9002 Netherlands Antilles (guilder) 0.599
Bahamas (dollar) 1.066 New Zealand (dollar)    0.7547        
Brazil (new real) 0.5868 Norway (krone) 0.19
Burma [Myanmar] (kyat) 0.1976 Pakistan (rupee) 0.01515
Chile (peso) 0.002057 Panama (balboa) 1.066
China (renminbi) 0.1536 Peru (new sol) 0.3642
Colombia (peso) 0.000544 Philippines (peso) 0.024
Croatia (kuna) 0.216 Poland (zloty) 0.4456
Czech Republic (koruna) 0.06259 Romania (nouveau leu) 0.4241
Denmark (krone) 0.2093 Russia (rouble) 0.04285
East Caribbean (dollar) 0.404 Serbia (dinar) 0.01918
European Monetary Union (euro) 1.5603 Singapore (dollar) 0.7525               
Fiji (dollar) 0.6701 Slovakia (koruna) 0.04999
C.F.A. (franc) 0.002379 South Africa (rand) 0.1299
C.F.P. (franc) 0.01308 South Korea (won) 0.000979
Ghana (cedi) 0.9865 Sri Lanka (rupee) 0.009836
Guatemala (quetzal) 0.141 Sweden (krona) 0.1623
Honduras (lempira) 0.05641 Switzerland (franc) 0.984
Hong Kong (dollar) 0.136931 Taiwan (new Taiwan dollar) 0.03377
Hungary (forint) 0.006215 Thailand (baht) 0.03229
Iceland (krona) 0.01264 Trinidad and Tobago (dollar) 0.1718
India (rupee) 0.02458 Tunisia (dinar) 0.865
Indonesia (rupiah) 0.000111 Turkey (lira) 0.8207
Israel (shekel) 0.2974 United Arab Emirates (dirham) 0.2902
Jamaica (dollar) 0.01466 United Kingdom (pound) 1.96166905
Japan (yen) 0.01037 United States (dollar) 1.06601429
Malaysia (ringgit) 0.3195 Venezuela (bolivar) 0.4964
Mexico (peso) 0.09587 Vietnam (dong) 0.000065

To read the chart, what you see is how many Canadian dollars each country's currency unit can buy. For example, 1US$ = CAD$1.06601429.

The source of this data is: http://www.cra-arc.gc.ca/E/pub/tg/rc4152/README.html. The rates posted on my site here are 100% unofficial. 

Take a look at my guide on the different Canadian banks' currency exchange rates for Canadian dollars, it pays to shop around!

Also, if you're dealing in a lot of US$, consider opening up a US$ Bank Account in Canada, or a US$ Bank Account in the USA.

A few banks in Canada offer Euro bank accounts as well. 


Thanks for the helpful post.

Please tel me know the

Please tel me know the Averagre yearly 2010 exchange rate Canadian Dollar to Euro

average yearlry 2010 exchange rate CAD to Euro

please let me know the avergae 2010 yearly echange rate for the Canadian Dollar to the Euro, for tax purposes.

Got the card, now how to pay the bill online

I just received my BMO US Dollar Mosaik Credit Card and charged a $200 item to the card. Now I am thinking how the heck am I going to pay this easily (online) instead of resorting to going to the BMO with some US dollars in hand.

I have a ING Direct US Savings account, savings means no bill payments or cheques.
I also have a ICICI Bank HiSave US Savings Account, which means no bill payments or cheques.

Citizens bank, has a free US Dollar Chequing account with free cheques ($0.75 per cleared cheque) however you have to give payments by cheque, no online bill payments. Kind of defeats the purpose of a chequing account if you can't do online bill payments in this day and age.

Is there any other banks in Canada that have no-fee or low fee US Dollar chequing accounts and allow online bill payments to credit card companies like BMO?

Advice would be appreciated, otherwise I may end up getting the Citizens Bank one.


Dan, is the average US to

Dan, is the average US to CAD rate provided on the CRA website? How did you get this information?

I've linked to the source

I've linked to the source CRA page here: http://www.cra-arc.gc.ca/E/pub/tg/rc4152/README.html

Canadian to US $'s for tax reporting

I have a question with respect to reporting my US income, I was paid in Canadian dollars from 2 different Canadian employers. The T'4s report these $'s, what do I use to convert these? Do I use the rate at the end of the year? As I deposited my checks as they were converted to US $'s at my US bank, I typically lost "20%" due to the monetary conversion. Also, can I write this off somehow on my US taxes?

Thank You

Sorry, I have absolutely no

Sorry, I have absolutely no idea how to deal with US taxes and foreign income, this page is for those in Canada with income in foreign currencies.
If your bank was taking a 20% commission in the conversion, find a new bank :)

Not really. This info is

Not really. This info is available here: http://www.cra-arc.gc.ca/E/pub/tg/rc4152/rc4152-09e.pdf

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