IRS Filing: Exchange Rates for Converting Cdn Income to $US

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Ruth
Posts: 27
Joined: Sat Apr 01, 2006 4:12 pm

IRS Filing: Exchange Rates for Converting Cdn Income to $US

Post by Ruth »

How is Canadian income supposed to be converted to $US for the purpose of reporting to the IRS? If I'm paid, say, bi-weekly, am I expected to apply the exchange rate in effect on each of the 26 pay dates, or is it sufficient to apply an annual average against the total annual income? And if such an average is applicable, where do I find it?
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nelsona
Posts: 18700
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

Because the payments were periodic, you may use an average. The bank of canada, the federal resrve, and the CRA website all have this info.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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