Currency Exchange for Customs Valuation Regulations

Link to law: http://laws-lois.justice.gc.ca/eng/regulations/SOR-85-900/FullText.html

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Currency Exchange for Customs Valuation Regulations

SOR/85-900CURRENCY ACT
Registration 1985-09-12
Regulations Respecting the Means of Determining the Equivalent Dollar Value of Currencies of Other Countries for the Purpose of Computing the Value for Duty for Customs Purposes
P.C. 1985-2752 1985-09-12Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 13.2Footnote * of the Currency ActFootnote **, is pleased hereby to revoke the Currency Exchange for Customs Valuation Regulations, made by Order in Council P.C. 1978-181 of 26th January, 1978Footnote *** and to make the annexed Regulations respecting the means of determining the equivalent dollar value of currencies of other countries for the purpose of computing the value for duty for customs purposes, in substitution therefor.

Return to footnote   *S.C. 1984, c. 25, s. 100
Return to footnote  **S.C. 1984, c. 9, s. 2
Return to footnote ***SOR/78-86, 1978 Canada Gazette Part II, p. 498
Short Title

1 These Regulations may be cited as the Currency Exchange for Customs Valuation Regulations.

Interpretation

2 In these Regulations, Minister means the Minister of National Revenue.

Determination of Exchange Rate

3 For the purposes of the Customs Act, the rate of exchange used by the Minister for determining the value in Canadian dollars of a currency other than Canada shall be the rate prevailing on the date of direct shipment to Canada of the goods whose value in Canadian currency is to be determined.

4 For the purposes of the Special Import Measures Act, the rate of exchange used by the Minister for determining the value in Canadian dollars of a currency of a country other than Canada shall be the rate prevailing on the date of sale to a Canadian importer or the date of direct shipment to Canada, whichever date is applicable according to the Special Import Measures Regulations, of the goods whose value in Canadian currency is to be determined.

5 For the purposes of sections 3 and 4, rate prevailing on a date means, in respect of a currency of any country other than Canada, the rate of exchange for that currency, as communicated to the ports of entry by the Minister for that date.

6 Subject to sections 7 and 8, the rate of exchange for any currency to be communicated by the Minister to the ports of entry shall be established on the basis of

(a) the latest rate of exchange for that currency quoted to the Minister by the Bank of Canada;
(b) if no rate of exchange is quoted as described in paragraph (a), the latest rate of exchange for that currency quoted to the Minister by any Canadian chartered bank selected by the Minister; or
(c) if no rate of exchange is quoted as described in paragraph (a) or (b), the latest rate of exchange for that currency quoted by the Financial Times of London, Great Britain.

7 Where more than one rate of exchange for a currency is quoted as described in paragraph 6(a), (b) or (c), excluding any rate of exchange for that currency commonly known as a tourist rate, the rate of exchange for that currency shall be established on the basis of the average of the exchange rates so quoted, excluding any tourist rate, weighted by the percentage value in terms of Canadian currency of all the goods in the same category as the goods in question that, according to the records of Statistics Canada, were imported from the country of export during the latest six month period for which such records are available prior to the establishment of that rate of exchange.

8 Where no rate of exchange for a currency is quoted as described in paragraph 6(a), (b) or (c), the Minister shall establish a rate of exchange for that currency on the basis of the information available to him as to the value of that currency in Canadian currency.