The CRA requires each US-dollar buy and sell to be converted at the Bank of Canada rate on the settlement date — not a blended annual average, not today's rate. That's hundreds of daily lookups across a year of trading. Sched3 applies the correct rate to every transaction so your cost base, proceeds, and gains are always in the right currency.
Bring in activity from Questrade, IBKR, Wealthsimple, or any broker with US-dollar holdings. Sched3 reads the settlement date and original currency for each transaction.
Each transaction is converted using the official BoC daily noon rate (FXUSDCAD) on its settlement date — the rate the CRA accepts. No manual lookups, no spreadsheet formulas.
Your ACB is stored in CAD, your proceeds are in CAD, and the resulting gain or loss is ready for Schedule 3 — all in one pass.
Equities settle T+1 in Canada. The conversion rate that matters is the one on settlement day, not the day you placed the order. Sched3 uses settlement date by default and adjusts for the T+1 calendar automatically.
Technically, holding USD in a brokerage account and converting back to CAD later can create its own capital gain or loss on the currency. Sched3 tracks this separately when material, so nothing is double-counted.
Brokers that hold balances in multiple currencies report in the original currency. Sched3 handles the per-leg conversion regardless of how the broker formats the export.
USD/CAD auto-conversion is included with the DIY plan. Multi-currency accounts and IBKR activity statements are supported on Active.
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The CRA requires the rate on the transaction date (they accept settlement date). An annual average is not acceptable for capital gains reporting — it may be used for certain income items like foreign employment income, but not for Schedule 3 dispositions.
From the Bank of Canada Valet API — the same source the CRA references in their guidance. The rate used is the daily noon rate for FXUSDCAD on the settlement date of each transaction.
Norbit's Gambit (buying DLR and selling DLR.U to convert currency cheaply) creates a small capital gain or loss on the conversion vehicle. Sched3 treats it like any other buy-and-sell — you import both legs and the ACB and gain are computed correctly.
Technically yes — if you hold USD cash in your brokerage account and convert it back to CAD at a different rate than you received it, the difference is a capital gain or loss. In practice this is often immaterial for short holding periods, but Sched3 can track it when needed.
Broker-displayed CAD book values are often based on their own internal rate rather than the BoC rate, and they only reflect activity within that broker. Sched3 re-converts from the original USD figures using the official rate, so your reported numbers match what the CRA expects.
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