RentLedger2022 CRA Exchange Rate: USD to CAD
The official Bank of Canada annual average exchange rate for 2022, accepted by CRA for reporting US rental income on your Canadian T1 return.
⚠️ Important Disclaimer
This content is for informational purposes only and does not constitute legal, tax, or financial advice. Tax laws change frequently — always verify with the CRA and IRS or consult a qualified cross-border tax accountant before making decisions.
Quick Conversion Reference
| USD Amount | CAD Equivalent (2022) |
|---|---|
| $500 USD | $650.65 CAD |
| $1,000 USD | $1,301.30 CAD |
| $5,000 USD | $6,506.50 CAD |
| $10,000 USD | $13,013.00 CAD |
| $15,000 USD | $19,519.50 CAD |
| $20,000 USD | $26,026.00 CAD |
| $25,000 USD | $32,532.50 CAD |
| $30,000 USD | $39,039.00 CAD |
| $50,000 USD | $65,065.00 CAD |
Frequently Asked Questions
What was the Bank of Canada average USD/CAD exchange rate for 2022?
The Bank of Canada annual average USD to CAD exchange rate for 2022 was 1.3013 (1 USD = 1.3013 CAD). This means 1 Canadian dollar was worth 0.7685 US dollars on average.
Can I use the 2022 Bank of Canada rate to report US rental income to CRA?
Yes. CRA accepts the Bank of Canada annual average rate for converting foreign income to Canadian dollars when filing your T1 return. For the 2022 tax year, you can use 1.3013 to convert your US rental income.
Where does CRA say I can find the exchange rate for foreign income?
CRA's guidance (Income Tax Folio S5-F4-C1) states that you can use the Bank of Canada exchange rate. Specifically, you can use the average annual rate for the year, the rate on the date of each transaction, or the rate on December 31 of the year. Most landlords use the annual average for simplicity.
How do I convert my 2022 US rental income using the Bank of Canada rate?
Multiply your gross USD rental income by 1.3013 to get the CAD equivalent. For example, $12,000 USD × 1.3013 = $15615.60 CAD. Apply the same rate to your US expenses before calculating net income on Form T776.
Historical Exchange Rates
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