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CRA Capital gains - Exchange rate lookup

  • Last Updated:
  • Apr 16th, 2018 4:31 am
[OP]
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Dec 9, 2003
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CRA Capital gains - Exchange rate lookup

Simple problem for tax calculation. Lets say I need the USD/CAD exchange rate for June 12 2013 when I bought a US equity.

It used to be I could go to the Bank of Canada site and look it up by specific date or enter a range of dates covering the date I want.

Now I cant find that link - even though the Revenue Canada site purports to provide a link (it goes to a redirect)? There is ability to download a lot of old exchange data, but I just want a simple lookup for a few disparate dates. Can anyone help?

I realize that other financial sites may have this but have always used BOC in the past to avoid any CRA issues....
Last edited by Cough on Dec 7th, 2017 1:56 pm, edited 1 time in total.
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Apr 23, 2009
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Here is the link. Make sure you use settlement date not the actual date when you bought the US equity.

https://www.bankofcanada.ca/rates/excha ... ing-rates/

Use that day's closing rate. Starting April of this year, BOC no longer publishes noon and closing rates but just the daily average which will make it easier for everyone. One rate for one day........



Cough wrote:
Dec 7th, 2017 1:56 pm
Simple problem for tax calculation. Lets say I need the USD/CAD exchange rate for June 12 2013 when I bought a US equity.

It used to be I could go to the Bank of Canada site and look I up by specific date or enter a range of dates covering the date I want.

Now I cant find that link - even though the Revenue Canada site purports to provide a link (it goes to a redirect)? There is ability to download a lot of old exchange data, but I just want a simple lookup for a few disparate dates. Can anyone help?

I realize that other financial sites may n=have this but have always used BOC in the past to avoid any CRA issues....
[OP]
Deal Addict
Dec 9, 2003
4387 posts
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Calgary
Yes I know those links you posted, thanks. But they need you to set the year, download the data for the full year to excel or whatever... then search the spreadsheet for the day you want. I just want a simple instantaneous online lookup like they used to have. Enter date and see the rate.
I apologize for offending sensitivities of alt right, alt left, or anyone in the middle, for humor or perspectives, for my maturity and occasional errors. I apologize for misunderstandings on gender, religion, politics, race or deals.
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Mar 22, 2017
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Cough wrote:
Dec 7th, 2017 5:35 pm
But they need you to set the year, download the data for the full year to excel or whatever... then search the spreadsheet for the day you want. .
Um, no. You can search for specific dates online without downloading to Excel. Not sure what you are looking at.
[OP]
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Dec 9, 2003
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torcraw2014 wrote:
Dec 10th, 2017 5:55 am
Um, no. You can search for specific dates online without downloading to Excel. Not sure what you are looking at.
I still don't see it. Please post the specific link you believe does this and I will try a couple of different browsers. Thanks.
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Cough wrote:
Dec 14th, 2017 12:07 am
I still don't see it. Please post the specific link you believe does this and I will try a couple of different browsers. Thanks.
No offense but why do you need such a specific link when the links posted earlier will still give you the info you need? Regardless, you can search for the specific date if you want. It's all on the BOC website like the other poster mentioned.
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Dec 11, 2007
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BoC transitioned from daily noon rates to daily average rates on Mar 1 2017. For daily average rates, you can use
https://www.bankofcanada.ca/rates/excha ... nge-rates/

or if you need a bit older information (neither of which require a download)
https://www.bankofcanada.ca/rates/excha ... es-lookup/

Considering the noon rate is no longer published, I think CRA will accept the daily average rates going forward. If you need older data then you'll need to use the historical noon rates that you can download at the previously posted links.
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Jun 15, 2012
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If I have a few US dollars to invest in my non reg account, and would buy some high paying foreign companies dividends stocks ( can't have them at registered CRA won't allow)
If I received 10,000 US$ annually how would I have to calculate exchange rate ?
I assume I would be taxed at 100% marginal rate.
Thanks
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Member
Dec 10, 2006
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Do you need to use the BOC rate for calculating the exchange rate?

For example, if I bought 100 shares of XYZ, can I just use the actual exchange rate I got for the purpose of calculating ACB?
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ukrainiandude wrote:
Dec 14th, 2017 10:50 pm
If I have a few US dollars to invest in my non reg account, and would buy some high paying foreign companies dividends stocks ( can't have them at registered CRA won't allow)
If I received 10,000 US$ annually how would I have to calculate exchange rate ?
I assume I would be taxed at 100% marginal rate.
Thanks
Why won't CRA allow them in registered? That doesn't make sense.

Income received throughout the year can use the annual average exchange rate published by Bank of Canada. Its also often found on the annual transaction docs the brokerage will send you at tax time.

e909 wrote:
Dec 16th, 2017 2:50 pm
Do you need to use the BOC rate for calculating the exchange rate?

For example, if I bought 100 shares of XYZ, can I just use the actual exchange rate I got for the purpose of calculating ACB?
Yes you must.
No, you cannot
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Cerenity wrote:
Dec 17th, 2017 1:05 am
Why won't CRA allow them in registered? That doesn't make sense.
The stocks client is looking to trade are not interlisted on designated exchanges. He will not be able to trade them in registered accounts.
----
Here is more information
https://www.canada.ca/en/revenue-agency ... tfsas.html
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Cerenity wrote:
Dec 17th, 2017 1:05 am
Why won't CRA allow them in registered? That doesn't make sense.

Income received throughout the year can use the annual average exchange rate published by Bank of Canada. Its also often found on the annual transaction docs the brokerage will send you at tax time.




Yes you must.
No, you cannot

The CRA rule is actually the exchange rate on settlement date but in practice they accept both methods (i.e. average vs actual). However, I would be careful about using average exchange rates. If the exchange rates fluctuated heavily during the year, you may actually end up using an unfavourable exchange rate if you used average. For example, the exchange rates between 2006 and 2009 fluctuated heavily.

It's always better to use an actual exchange rate.
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Jul 3, 2006
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ruchir wrote:
Dec 18th, 2017 12:33 am
The CRA rule is actually the exchange rate on settlement date but in practice they accept both methods (i.e. average vs actual). However, I would be careful about using average exchange rates. If the exchange rates fluctuated heavily during the year, you may actually end up using an unfavourable exchange rate if you used average. For example, the exchange rates between 2006 and 2009 fluctuated heavily.

It's always better to use an actual exchange rate.
Really depends this year avg is better...but you cannot go back and forth after you pick a method
Member
Feb 13, 2008
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I had to download the rates. The old way was so simple now this will take me much longer to do my taxes. Duh.Smiling Face With Horns
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