PART XV.1 — Reporting of Electronic Funds Transfer

Foreign currency

Not yet annotated · Text current to 2026-06-21 · section last amended 2014-06-19

Current text

If an electronic funds transfer is carried out by a reporting entity in a foreign currency, the amount of the transfer is to be converted into Canadian dollars using

(a)

the official conversion rate of the Bank of Canada for the currency published in the Bank of Canada’s Daily Memorandum of Exchange Rates that is in effect at the time of the transfer; or

(b)

if no official conversion rate is set out in that publication for the currency, the conversion rate that the entity would use for the currency in the normal course of business at the time of the transfer.

Source: Justice Laws Website. Not an official version.

Historic text

This section has not been amended since it was enacted (2014, c. 20, s. 29), so there is no earlier version.

Earlier versions: Justice Laws point-in-time versions of the Act (from 31 August 2004), and CanLII (under “Versions”). On Justice Laws, each version of section 244.5 links to the one before it.

Enacting and amending legislation

2014, c. 20, s. 29

Text before 2004 is found in the annual Statutes of Canada cited above. Application and coming-into-force provisions are not part of the consolidation; see the amending Acts.

Cross-references

No other section of the Act refers to this section, and it refers to no other section.

References are generated from the statutory text and list other sections of the Act only.

Citation

Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), s. 244.5.