Carryforward and carryback
Amounts converted to functional currency
Carryforward
If you are carrying forward an amount from a Canadian currency year to a functional currency year, convert to functional currency using the exchange rate on the last day of the last Canadian currency year.
Note
The exchange rate to be used when converting the amounts is specified in the definition of relevant spot rate in subsection 261(1) of the Income Tax Act. Use the Bank of Canada daily exchange rate, to 4 decimal places, of the particular day. If no rate is quoted, use the rate from the closest preceding day for which a rate is quoted.
Carryback
If you are carrying back an amount from a reversionary year (Canadian currency) to a functional currency year, convert to functional currency using the exchange rate on the last day of the last functional currency year.
Amounts converted to Canadian currency
Carryforward
If you are carrying forward an amount from a functional currency year to a reversionary year, convert to Canadian currency using the exchange rate on the last day of the last functional currency year.
Carryback
If you are carrying back an amount from a functional currency year to a Canadian currency year, convert to Canadian currency using the exchange rate on the last day of the last Canadian currency year.
Forms and publications
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