Canadian dollar
After several years of heading down to the USA for a couple of months in the late winter, we have more or less decided we will not do it this year due to the poor exchange rate of the Canadian dollar....
Forum Discussion
Joe Bedford: You are one stubborn fellow. It is not considered income. Here is another quote:
The Canada Revenue Agency requires taxpayers to report capital gains on foreign currency when the transactions are on capital account. Adjusted cost base must be calculated in Canadian dollars in a similar fashion to securities. When you convert Canadian dollars into a foreign currency, the adjusted cost base is established in Canadian dollars. When the funds are later converted back into Canadian dollars, a capital gain or loss will be realized if the exchange rate has fluctuated.
The Canada Revenue Agency requires taxpayers to report capital gains on foreign currency when the transactions are on capital account. Adjusted cost base must be calculated in Canadian dollars in a similar fashion to securities. When you convert Canadian dollars into a foreign currency, the adjusted cost base is established in Canadian dollars. When the funds are later converted back into Canadian dollars, a capital gain or loss will be realized if the exchange rate has fluctuated.
