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Currency converter

Uses the published IRS and Bank of Canada annual average rates for 2021 to 2025, not a live market rate. Annual averages suit recurring income received through the year; other conversions can need a different rate.

Tax year

Rate source

Amount (USD)

Converted amount

1,398 CAD

1 USD = 1.3980 CAD (2025 annual average)

Annual averages for 2021 to 2025 are available; a year is added once both sources publish it. Which rate to use depends on the purpose. Annual averages generally suit income received throughout the year. A single transaction, such as a sale, may need the rate for that date. FBAR and Form 8938 balances use the US Treasury's December 31 reporting rate instead.