Foreign exchange gains or losses from capital transactions of foreign currencies (that is, money) are considered to be capital gains or losses. However, you only have to report the amount of your net gain or loss for the year that is more than $200. If the net amount is $200 or less, there is no capital gain or loss and you do not have to report it on your income tax and benefit return.
Report your net gain or loss in Canadian dollars. Use the exchange rate that was in effect on the day of the transaction. If there were transactions at various times throughout the year, you can use the Exchange Rates or Annual Average Exchange Rates (1997 to 2018).
In the event that the applicable exchange rate is not provided there, the CRA will accept it from another source as long as it is all of the following:
- widely available
- published by an independent provider on an ongoing basis
- recognized by the market
- used in accordance with well-accepted business principles
- used for the preparation of the taxpayer's financial statements
- used consistently from year to year by the taxpayer
Examples of other sources of foreign exchange rates, in addition to the Bank of Canada, that would be generally acceptable include Bloomberg L.P., Thomson Reuters Corporation and OANDA Corporation.
Completing your Schedule 3
Report dispositions at lines 15199 and 15300 of Schedule 3.
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