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In 2016 on Form 114 and 8938 - and possibly a few previous years, I (my tax guy) used the Bank of Canada exchange rate for Form 114 and 8938 but the instructions say to use the Treasury department's year end rate for 114. I report 5 accounts 2 RRSPs, joint banking accounts, own bank account
If I change to the Treasury depth reporting method do you think this will cause any problems for me or that I will need to amend my previous submissions? I read on a website the IRS will not allow changing rates and sources in each year to obtain the most advantageous exchange rate - I just want to change it to be compliant going forward.