Official Bank of Canada daily noon rates (FXUSDCAD) for May 2023. These are the rates the CRA accepts for converting foreign-currency transactions on your Canadian tax return.
The rates on this page are the official Bank of Canada daily noon exchange rates for the FXUSDCAD series. They represent the number of Canadian dollars (CAD) per one US dollar (USD). The Bank of Canada publishes these rates each business day around 16:30 ET.
For Canadian tax purposes, the CRA requires that foreign-currency amounts (such as proceeds from selling US stocks) be converted to CAD using the Bank of Canada rate on the settlement date of the transaction — not the trade date and not an annual average rate.
Weekends and statutory holidays do not have published rates. If your settlement date falls on a non-business day, use the rate from the most recent prior business day.