# XB-04 — Foreign currency conversion, ETA s.159

**Flag: Stale — principle only** — The principle holds; a figure or date in it may not. Check the figure before you use it.

Stale — principle only (rate box shows NS at 15%)

**Foreign currency conversion**, ETA s.159: convert at the value of the foreign currency in Canadian dollars on the day the GST/HST is payable, or on another day CRA accepts — the day consideration is paid, the day the currency was acquired, or an average rate for the month in which tax became payable. Acceptable sources: the source actually used for the conversion, the source the person normally uses, a Canadian chartered bank, the Bank of Canada, or the CBSA value-for-duty rate. A rate database that does not actually buy and sell currency is **not** acceptable. The chosen day and source must be applied consistently for a reasonable period, such as one year, and documented. Weekends and holidays use the previous business day. Supplier and recipient need not use the same method

## Sources

- Memorandum 3-6 (primary): https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/3-6/conversion-foreign-currency.html

Jurisdiction: FED · Verified 2026-08-27 · Review: legislative