When reporting foreign income or transactions on your tax return, you'll need to use the appropriate exchange rates. Here's where to find this information:
- Average Annual Exchange Rates:
- Visit the Bank of Canada's Annual Exchange Rates page
- This page provides average rates for the year for Canada's major trading partners
- Daily Exchange Rates:
- If you need a specific daily rate, use the Bank of Canada's Daily Exchange Rate Lookup tool
- Other Currencies:
- For currencies not listed by the Bank of Canada, consider using a service like XE.com
Important notes:
- Always use the rate provided by the Bank of Canada when available
- For transactions occurring throughout the year, the average annual rate is typically appropriate
- For specific transactions on a particular date, use the daily rate for that date
Remember:
- Keep records of the exchange rates used for your calculations
- Consistency in using exchange rates is important for accurate reporting
If you have questions about which exchange rate to use for your specific situation, consider consulting with a tax expert. If you need assistance entering foreign income or transactions in Wealthsimple Tax, please contact Wealthsimple support.
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