FBAR Exchange Rates 2022
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
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