# US currency conversion rate



## Yelyac (Nov 21, 2011)

I know I've seen this posted before but I can't seem to find it now and am trying to get my tax information into the accountant today. What rate should I be using to convert my US mutual funds capital gains into Canadian amounts for the 2011 Canadian taxes? I think i should be using the yearly avg amount as there was activity throughout the year. Thanks for any help you can give.


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## Bevdeforges (Nov 16, 2007)

Don't know what rate the Canadian tax authority wants you to use. The US says average exchange rate is fine "assuming transactions were conducted throughout the year." Should probably work for the Canadians as well.

Ideally, you would use the spot rate on the dates of the specific transactions, but no tax authority I know of actually expects you to do that except if there is a big change in rates over the year, or a very limited number of large transactions subject to "unusual" spot rates.
Cheers,
Bev


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## Yelyac (Nov 21, 2011)

Could you tell me what the exchange rate is or point me in the right direction to find it? Thanks.


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## siobhanwf (Mar 20, 2009)

XE - The World's Favorite Currency and Foreign Exchange Site perhaps


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## Bevdeforges (Nov 16, 2007)

This is the IRS table of exchange rates for the last few years. Yearly Average Currency Exchange Rates
Cheers,
Bev


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## siobhanwf (Mar 20, 2009)

Bevdeforges said:


> This is the IRS table of exchange rates for the last few years. Yearly Average Currency Exchange Rates
> Cheers,
> Bev


Thanks for that link Bev.


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