Currency Exchange for Customs Valuation Regulations

The Currency Exchange for Customs Valuation Regulations were revoked by Her Excellency the Governor General in Council, and new regulations were made in substitution therefor. The purpose of these regulations is to determine the equivalent dollar value of currencies of other countries for the purpose of computing the value for duty for customs purposes.

The regulations outline the means of determining exchange rates, including the rate prevailing on the date of direct shipment or sale to a Canadian importer. The Minister of National Revenue shall use the latest rate of exchange quoted by the Bank of Canada, or if no rate is quoted, the latest rate quoted by a Canadian chartered bank selected by the Minister. In the absence of such rates, the Financial Times of London may be used.

The regulations also provide for the establishment of exchange rates based on the value of goods in the same category as the goods in question that were imported from the country of export during the latest six-month period prior to the establishment of the rate. If no rate is established, the Minister shall use the information available to him regarding the value of that currency in Canadian currency.

These regulations aim to provide a standardized method for determining exchange rates for customs purposes, ensuring consistency and fairness in the valuation of goods subject to duty.