2024 CRA Exchange Rate: USD to CAD
The official Bank of Canada annual average exchange rate for 2024, the rate the CRA says to use for US rent received at various times in the year, on your Canadian T1 return.
⚠️ Important Disclaimer
This content is for informational purposes only and does not constitute legal, tax, accounting, 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.
BorderBird is a rental-management and record-keeping tool. It is not an accountant and does not provide accounting, tax, or legal advice.
Quick Conversion Reference
| USD Amount | CAD Equivalent (2024) |
|---|---|
| $500 USD | $684.90 CAD |
| $1,000 USD | $1,369.80 CAD |
| $5,000 USD | $6,849.00 CAD |
| $10,000 USD | $13,698.00 CAD |
| $15,000 USD | $20,547.00 CAD |
| $20,000 USD | $27,396.00 CAD |
| $25,000 USD | $34,245.00 CAD |
| $30,000 USD | $41,094.00 CAD |
| $50,000 USD | $68,490.00 CAD |
Frequently Asked Questions
What was the Bank of Canada average USD/CAD exchange rate for 2024?
The Bank of Canada annual average USD to CAD exchange rate for 2024 was 1.3698 (1 USD = 1.3698 CAD). This means 1 Canadian dollar was worth 0.73 US dollars on average.
Can I use the 2024 Bank of Canada rate to report US rental income to CRA?
Yes, for rent received at various times in the year: the CRA says to use the annual average exchange rate for such amounts (its default is the Bank of Canada rate on the day an amount arises). For the 2024 tax year, you can use 1.3698 to convert your US rental income.
Where does CRA say I can find the exchange rate for foreign income?
Income Tax Folio S5-F4-C1, ¶1.4, sets the default: the Bank of Canada rate on the day an amount arises. ¶1.6.1 says the CRA may also accept an average rate over a period, but generally not where rates fluctuate significantly. For income received at various times in the year, the CRA's own guidance says to use the annual average exchange rate.
How do I convert my 2024 US rental income using the Bank of Canada rate?
Multiply your gross USD rental income by 1.3698 to get the CAD equivalent. For example, $12,000 USD × 1.3698 = $16437.60 CAD. Apply the same rate to your US expenses before calculating net income on Form T776.
2024 in context — the years either side
What the 2024 rate means for a cross-border landlord
In 2024 the Bank of Canada’s annual average was 1 USD = 1.3698 CAD — the Canadian dollar was weaker than in 2023, when the average was 1.3497. That is a move of 1.5% year over year.
Across the 16 years from 2010 to 2025, 2024 ranks #15 for Canadian-dollar strength — where #1 is 2011 (0.9891, the strongest loonie in the series) and #16 is 2025 (1.3917, the weakest).
A U.S. rental producing $24,000 USD of gross rent in 2024 is reported on a Canadian return as $32,875 CAD — the same rent in 2025 would have converted to $33,401 CAD at that year’s average, a difference of $526 on identical rent.
Looking this up to amend a 2024 return?
2024 is 2 tax years back. The CRA generally accepts a change to an individual return for any of the ten previous calendar years, which puts the 2024 deadline at approximately 31 December 2034 — about 8 years of room left from 2026. The change is normally made with a T1-ADJ or through CRA My Account.
The U.S. clock runs differently, and it is the one people get wrong: an amended return (Form 1040-X) is generally due within three years of filing the original return, or two years of paying the tax, whichever is later. For tax year 2024 that means the deadline turns on when the 2024 return was actually filed — someone who filed on time in 2025 faces a very different date from someone who filed late in 2027. It is not set by the tax year alone.
Rates are the Bank of Canada annual average. Deadlines above are the general rules and not advice for your situation.
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