FBAR Exchange Rates

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FBAR Exchange Rates
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Each year I help over 500 clients file their Canadian and US tax returns as well as plan for both their Canadian and US investment accounts. I also regularly help new US clients plan for their move to Canada.

Feel free to reach out via email at phil@philhogan.com or by phone or text here 250-661-9417.




As a US citizen or resident of the US, and to the extent that you have beneficial interest or signing authority over foreign financial accounts (foreign to the US) in excess of $10,000 (calculated as the total of the highest balance in all your non-US bank and investment accounts) USD you will be required to file Foreign Bank Account Reporting forms or FBAR (form 114).

For Americans living in Canada this reporting is still required. Hence, assuming you have over $10,000 of Canadian financial accounts these Canadian accounts need to be reported on an FBAR.

So, what rate do you use to convert your Canadian accounts to your US FBAR filings?

You need to convert the highest balance in each account at the year-end rate set by the treasury department. For the current year and each of the prior taxation year-ends I’ve outlined these rates for you. If you have questions about your FBAR filings please feel free to reach out to phil@philhogan.com.

FBAR Exchange Rates

In order to properly convert Canadian dollars to US dollars please do the following:

For example, with an exchange rate of 1.30 $10,000 CAD would equal $7,692.30 USD. Or $10,000 CAD divided by 1.30 = $7,692.30

FBAR Exchange Rate for 2020 = (to come, not yet available)

FBAR Exchange Rate for 2019 = 1.3000

FBAR Exchange Rate for 2018 = 1.3620

FBAR Exchange Rate for 2017 = 1.2550

FBAR Exchange Rate for 2016 = 1.3460

FBAR Exchange Rate for 2015 = 1.3860

FBAR Exchange Rate for 2014 = 1.1580

FBAR Exchange Rate for 2013 = 1.0637

FBAR Exchange Rate for 2012 = .9950

FBAR Exchange Rate for 2011 = 1.0180

FBAR Exchange Rate for 2010 = .9946

FBAR Exchange Rate for 2009 = 1.0466

FBAR Exchange Rate for 2008 = 1.2246

FBAR Exchange Rate for 2007 = .9881

FBAR Exchange Rate for 2006 = 1.1653

FBAR Exchange Rate for 2005 = 1.1659

FBAR Exchange Rate for 2004 = 1.2036

FBAR Exchange Rate for 2003 = 1.2924

FBAR Exchange Rate for 2002 = 1.5796

FBAR Exchange Rate for 2001 = 1.5926

 

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