Completing your T2 schedules and elections – Functional currency

Note

Use the Bank of Canada daily exchange rate, to 4 decimal places, of the particular day to convert the net amount of tax owing. If no rate is quoted, use the rate from the closest preceding day for which a rate is quoted.

When a corporation files an agreement in functional currency, the entire schedule must be completed in functional currency. The associated or related corporations must also each file the same schedule in Canadian currency or the currency in which they have elected to file.

Corporations filing an election in functional currency must indicate on line 079 of the T2 Return the functional currency being used.

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