Payment on balance due date

If you were not required to pay by instalments for a particular tax year, the net amount of taxes and credits in functional currency are to be converted to Canadian currency using the exchange rate on the balance due date. If you were required to pay by instalments, see Paying instalments.

The exchange rate to be used in converting the amounts is defined in paragraph (a) of "relevant spot rate" under subsection 261(1) of the Income Tax Act. Use the Bank of Canada noon rate, to 4 decimal places, of the particular day. If no such rate is quoted, use the rate from the closest preceding day for which a rate is quoted.