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How to report foreign exchange gains and losses to CRA

Why read this?

You are a currency trader; have foreign-denominated securities; and/or own foreign currencies.

What to do

When to calculate gains or losses

  • CRA says a foreign exchange gain or loss happens when a transaction occurs — not when the currency’s value fluctuates while on deposit. Examples of transactions include when:
    • money is converted from one currency to another, or back into Canadian dollars;
    • foreign currency is used to make a purchase or payment; or
    • foreign currency is used to pay all or part of a capital debt.

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