Foreign Currencies

by Glenda
(Canada)

I have a new client who deals in US $ and does not need to exchange into CAD $ as he pays his expenses, salaries etc all in US $ .

I am writng from Canada. Where should I get the exchange rate from for recording the transactions as the books have to be kept in CAD $.

I was thinking of the Bank of Canada noon rate. Are there any rules with CRA regarding this? Thank you