If you earned or paid amounts in 2017 that were in foreign currency (such as your foreign employment income, foreign interest, or the foreign income tax you paid), you’ll need to first convert these to Canadian dollars before reporting them on your tax return.
To do this, use the Bank of Canada exchange rate that was in effect on the day you received or paid the amount. You can use the Bank of Canada’s average annual rate if you received or paid amounts in foreign currency at different times during the year.
Where can I learn more?
- Exchange rates (Bank of Canada website)