FBAR Exchange Rates 2022

17 November 20
Cross Border Tax

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 2022 = 1.3540

FBAR Exchange Rate for 2021 = 1.2770

FBAR Exchange Rate for 2020 = 1.2750

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

Phil Hogan, CPA, CA, CPA (Colorado)

Phil Hogan is a Canadian and US CPA working with clients throughout Canada and the US. Phil advises on cross border tax and financial planning matters. Phil can be reached at phil@beaconhillwm.ca or via telephone at 250-661-9417. You can also read more about Phil at www.Beaconhillwm.ca/team/about-phil/

This commentary reflects the personal opinions, viewpoints and analyses of the Beacon Hill Wealth Management Ltd. partner providing such comments, and should not be regarded as a description of advisory services provided by Beacon Hill Wealth Management Ltd. or performance returns of any Beacon Hill Wealth Management Ltd. client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Beacon Hill Wealth Management Ltd. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results. Any discussion about taxation is for educational purposes only and should not be viewed as professional advice. Consult your tax professional for tax advice on your particular situation.

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