Tax question

[bonjour]

Can anybody tell me where to find information about conversion rate for US$->CAN$ when filing tax return? Thanks!

 

[dxchen_ca]

Bank of Canada website http://www.bankofcanada.ca/en/rates/exchange.html you can find annual, monthly and daily exchange rates there. good luck.

 

[500000]

http://www.xe.com/ucc/tw/

 

[Obiwan]

http://www.cra-arc.gc.ca/tax/individuals/faq/exchange_rate-e.html

 

[bonjour]

最初由 dxchen_ca 发布
Bank of Canada website http://www.bankofcanada.ca/en/rates/exchange.html you can find annual, monthly and daily exchange rates there. good luck.

Thank you all for reply!
Should I use 2005 annual average exchange rate (US$ 1 = CAN$ 1.21163241) for tax purpose? The rate is much lower now.

 

[dxchen_ca]

最初由 bonjour 发布


Thank you all for reply!
Should I use 2005 annual average exchange rate (US$ 1 = CAN$ 1.21163241) for tax purpose? The rate is much lower now.

For tax return purpose, you should use the exchange rate of the Bank of Canada, not the rates by other exchange institutions (CRA will correct you with the Bank of Canada rate). You have two options: annual rate or individual date rates. if your income was paid on many dates in the year, to save time,you had better use the annual rate to calculate. However, you always can use the rates on the dates when you got your payments. you calculate each at the individual rate and sum the result. You may want to try both of them and see which option is better for you to save tax. either way is acceptable by CRA. Good luck!