taxi, parking), and meal and incidental allowances. When you returned, did you convert your remaining foreign currency (if any) back to Canadian dollars? If so, calculate the gain or loss on exchange (see Appendix B) and enter as a currency exchange expense on your claim.Įnter all foreign receipt-based expenses that were paid in cash (e.g. currency exchange at bank, ATM withdrawal, Individual Designated Travel Card statement showing cash advance in foreign currency):Įnter any currency exchange fees charged to you as an expense on your claim if the fees were paid in foreign currency, remember to use the exchange rate documented on the receipt. If you have other foreign currency receipts (e.g.Use the average Bank of Canada exchange rate (see Appendix A) for meal and incidental allowances and for foreign receipt-based expenses that were paid in cash. hotel, car rental, gas) charged to your credit card using the documented exchange rate from your credit card statement. On your claim, enter each foreign receipt-based expense (e.g. If the only foreign currency exchange receipt you are submitting is a credit card statement for receipt-based expenses only (e.g.If you don’t have any currency exchange receipts :Ĭalculate the average Bank of Canada exchange rate (see Appendix A) and use it for each expense incurred in the foreign currency on your claim.Follow the instructions under scenario A, B, or C below, according to your situation: Now that you understand these concepts, you are ready to complete your travel claim. It may also serve as an expense receipt for currency exchange service fees (if any) to be entered on the claim.It documents the exchange rate and amounts to be used in the conversion calculation (including the calculation of a weighted average when necessary) to determine the Canadian equivalent of travel expenses incurred in foreign currency.receipts from currency exchange at bank/hotel/kioskĪ currency exchange receipt may serve two purposes:.withdrawal slip or bank statement for ATM transaction.Individual Designated Travel Card statement showing cash advance.credit card statement showing travel expenses (e.g.Currency exchange receipt – any document that shows the exchange rate for a transaction.These expenses are separate from the actual currency exchange described above.The service fees will appear as a separate item on the exchange receipt and are entered on the travel claim as an expense.Currency exchange expense – an expense associated with currency exchange where you are out of pocket, such as service fees charged for converting or reconverting one currency to another, and loss on foreign exchange on reconversion.meals and incidentals) but they are not entered on the travel claim as an actual expense. The currency exchange amounts are used in the conversion calculation to determine the Canadian equivalent of travel expenses incurred in foreign currency (e.g.
This is similar to going to a bank to convert $100 cash to $100 travellers cheques – you are changing the form of the currency but not the value
Currency exchange itself does not result in an expense because you still have the equivalent amount in your pocket, although it is now in another currency.Currency exchange – the act of converting an amount from one currency to an equivalent amount in another currency, e.g.As such, the Government Travel Committee, with the approval of the Executive Committee, has created this document for you!įirst, let’s start with a few basic concepts:
If you have travelled outside Canada on government business and need to complete your travel claim, figuring out what you can claim in Canadian dollars is not as confusing as it may seem. Worst exchange rate of March 2022: 0.7759, Best exchange rate of March 2022: 0.8016, Average exchange rate in March 2022: 0.The following guidance is published as a companion to the Travel Directive, to provide detailed instructions to convert foreign expenses to Canadian dollars (CAD)* when submitting travel claims. Worst exchange rate of February 2022: 0.7806, Best exchange rate of February 2022: 0.7896, Average exchange rate in February 2022: 0.7858 Worst exchange rate of January 2022: 0.7832, Best exchange rate of January 2022: 0.8, Average exchange rate in January 2022: 0.7919 Converting Canadian Dollar (CAD) to US Dollar (USD) in 2022 with the best, worst and average exchange rates of the year Table of 1 Canadian Dollar to US Dollar Exchange Rate:Ĭanadian Dollar to US Dollar Monthly Exchange Rates
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