Cross-Border Currency Reference
Cross-border tax filing requires using the correct exchange rate for each specific form. Using the wrong rate can trigger IRS or CRA review. There are three official rates you need to know — and each one applies to different forms.
Key principle: US forms generally use the IRS annual average rate for income conversion and the Treasury reporting rate for account balance reporting. Canadian forms use the Bank of Canada average rate. Never use live market rates for tax returns.
2024
IRS Annual Average Rate
Source: IRS.gov
0.7353
1 CAD = 0.7353 USD
Use this rate for:
- •Form 1040 income conversion
- •Form 1116 (Foreign Tax Credit)
- •Form 2555 (Foreign Earned Income Exclusion)
2024
Bank of Canada Annual Average
Source: bankofcanada.ca
1.3698
1 USD = 1.3698 CAD
Use this rate for:
- •T1 General
- •T2209 (Federal Foreign Tax Credits)
- •Other Canadian returns
Dec 31, 2024
Treasury Reporting Rate
Source: fiscaldata.treasury.gov
0.6944
1 CAD = 0.6944 USD
Use this rate for:
- •FBAR (FinCEN 114)
- •Form 8938 (FATCA)
- •Account balance reporting
Which Rate for Which Form?
| Form | Rate to Use | Direction |
|---|---|---|
| Form 1040 (Income) | IRS Annual Average | CAD → USD |
| Form 1116 (FTC) | IRS Annual Average | CAD → USD |
| Form 2555 (FEIE) | IRS Annual Average | CAD → USD |
| Form 8938 (FATCA) | Treasury Reporting Rate | CAD → USD |
| FinCEN 114 (FBAR) | Treasury Reporting Rate | CAD → USD |
| Form 3520 (Foreign Trust) | IRS Annual Average | CAD → USD |
| Form 8621 (PFIC) | IRS Annual Average | CAD → USD |
| T1 General | Bank of Canada Average | USD → CAD |
| T2209 (Federal FTC) | Bank of Canada Average | USD → CAD |
| T1135 (Foreign Property) | Bank of Canada Average | USD → CAD |
Quick Reference Converter
Convert between CAD and USD using the official rate for your specific form. This is a reference tool using static published rates — not a live market converter.
Select rate
Using IRS Annual Average rate: 1 CAD = 0.7353 USD
Reference Rates Only
These are 2024 reference rates. 2025 rates will be published in early 2026. Always verify rates from official sources before filing. Using the wrong rate for a given form can trigger IRS or CRA review.