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) |
1.5603 |
| 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
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.
https://www.citizensbank.ca/Personal/Products/BankAccounts/USDAccount/
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.
Cheers
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
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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