by the Canada Revenue Agency
A global leader in corporate and consumer foreign exchange solutions, OANDA has been named an example of a trusted source of currency rates by the Canada Revenue Agency (CRA), which is responsible for administering tax laws as well as various social and economic benefit and incentive programs delivered through the tax system for the Government of Canada. The move continues to establish OANDA as one of the most credible providers of foreign exchange rates in North America.
According to the Canadian Income Tax Act, company expenses incurred in a foreign currency must be converted to Canadian dollars using the relevant spot rate for the day on which the expenditure occurred using the daily rate quoted by the Bank of Canada or another rate of exchange that is acceptable to the Minister. The recent CRA Interpretation now includes OANDA as a trusted provider of foreign exchange rates, alongside the central bank.
Vatsa Narasimha, President & CEO of OANDA Corporation, said, “We are truly honoured to be named a trusted source of foreign exchange rates by the Canada Revenue Agency. Throughout the course of our 21-year history, we’ve worked hard to provide accurate, FX rates to both individuals and companies alike, and to be recognised by the CRA in this capacity speaks to the integrity not only of our data, but also our core values as an organisation.”
Available in 10 languages, OANDA’s online currency converter provides instant access to one of the world’s largest and most accurate FX databases, enabling consumers and corporations to view current and historical exchange rates for more than 200 currencies and in excess of 38,000 pairs dating back to 1990. Meanwhile OANDA Money Transfer enables clients to send funds in over 130 currencies between more than 170 countries and territories around the world.
The company also offers several corporate solutions including OANDA Corporate FX Payments and the OANDA Exchange Rates API, which provides automated access to accurate, reliable FX data, connecting seamlessly with ERP, treasury, accounting and billing systems as well as websites and apps. OANDA Historical Currency Converter subscribers can also access these rates in a convenient CSV format. These solutions help the world’s leading audit firms, tax authorities and multinational corporations mitigate currency risk, improve efficiencies and optimise working capital.
In addition to the CRA, OANDA has also been recognised as a trusted source of foreign exchange data by the Inland Revenue Authority of Singapore since 2013.