Exchange rates CAN$ to US$ at end of year
- For FBAR reporting, always use the U.S. Treasury’s official December 31 exchange rate for the tax year being reported — not your bank’s rate, an average rate, or the IRS rate
- To convert Canadian dollars to U.S. dollars, divide the Canadian dollar amount by the rate in the table below
- Always report the highest balance in each account during the year — not the year-end balance
- Once the combined value of all foreign accounts exceeds USD $10,000 at any point during the year, all accounts must be reported — including those closed during the year or with a zero balance at year end
- This page is updated each January when the U.S. Treasury publishes year-end rates — bookmark it for annual reference
To convert a Canadian dollar account balance to U.S. dollars for FBAR reporting, divide the Canadian dollar amount by the rate in the table below. The result is the value of the account expressed in U.S. dollars.
Example: Your account’s highest balance during the year was CAD $25,000, and the applicable rate is 1.3698. Divide 25,000 by 1.3698 = USD $18,252.
A few important rules to keep in mind:
Always use the highest balance in each account during the tax year — not the year-end balance. Use monthly or quarterly statements to identify the highest point.
Always use the December 31 exchange rate for the year being reported — not the rate on the date the balance was highest.
Once the combined value of all foreign accounts exceeds USD $10,000 at any point during the year, you must report all accounts — including those that were closed during the year or have a zero balance at year end.
The threshold is cumulative across all accounts in which you have a financial interest or signing authority — not per account./
| Tax Year | December 31 Rate (CAD per USD $1) |
|---|---|
| 2025 | 1.3690 |
| 2024 | 1.3698 |
| 2023 | 1.3260 |
| 2022 | 1.3540 |
| 2021 | 1.2770 |
| 2020 | 1.2750 |
| 2019 | 1.3000 |
| 2018 | 1.3620 |
The 2026 tax year rate will be published by the U.S. Treasury in January 2027 and added to this table at that time.
All rates are the U.S. Treasury’s official December 31 reporting rates, published quarterly by the Bureau of the Fiscal Service. These are the rates FinCEN requires for FBAR conversion — do not use bank rates, average annual rates, or IRS publication rates for FBAR purposes.
The full historical rate table for all currencies is available directly from the U.S. Treasury at fiscaldata.treasury.gov.
The U.S. Treasury publishes year-end exchange rates in mid-January following the close of the tax year. The 2025 rate shown above reflects available sources as of the date this page was last updated. Before filing your 2025 FBAR, confirm the rate against the official Treasury publication at fiscaldata.treasury.gov to ensure you are using the exact published figure.
