10 June 2014 Ministerial Correspondence 2014-0529961M4 - Capital gains on property in foreign currency -- summary under Subsection 261(2)

On the sale of capital property in foreign currency, the proceeds of disposition are converted using the exchange rate at the time of the sale, the adjusted cost base is converted using the exchange rate at the time the property was acquired, and outlays and expenses are converted using the exchange rate at the time they were incurred. "This method was confirmed… in…Gaynor…91 DTC 5288…and…codified in [s.] 261(2)… ."