In an April 27, 2017 Technical Interpretation (2017-0684831I7, Johns Jeffrey), CRA confirmed that the Minister will generally accept a spot rate, quoted by a source other than the Bank of Canada, provided the other rate meets a number of conditions. These include the rate being: widely available; verifiable; published by an independent provider on an ongoing basis; recognized by the market; used in accordance with well-accepted business principles; used for the preparation of the taxpayer’s financial statements; and used consistently from year to year by the taxpayer.

these alternatives to the Bank of Canada

Examples of sources beyond the Bank of Canada which would generally be acceptable include Bloomberg L.P., Thomson Reuters Corporation, and OANDA Corporation.

Editors’ Comment
As of May 1, 2017, the Bank of Canada reduced the number of currency exchange rates it publishes to 26.