Exchange Rates & Taxes
#1
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Exchange Rates & Taxes
1)Where is the best place to exchange US currency to Canadian.<BR>2)What goods/services are eligible for my "Value Added Tax" refund when I leave Canada to return to the US. <BR>3) Where do I present my receipts for the refund. (I'm not sure I'm using the correct terms, hence my ignorance needs to be abated)<BR><BR>Thanks so much!
#2
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Probably the best place to exchange money would be via ATM's if you have a Bank card that doesn't impose a service fee every time you use it. If you are charged a fee then obviously the larger the withdrawl from the ATM the less you are charged per dollar. The place NOT to exchange US money is in stores where they will gladly take it at about 10% less than the going rate and banks which generally charge about 2 1/2% vigorish over and above what the going rate is. Most currency exchanges charge only about 1%, (less for large transactions), but you should always make yourself familiar with the going rate. For instance if the CAN$ is quoted at 64 cents US which works out to one US$ being worth $1.56CAN then you should be able to buy $200CAN for about $130US or $200US should be able to buy $309-$310CAN. Now that I've thourally confused you the best reccomendation is to allow about $50-$100 per day walking around cash and use your credit cards for everything else.<BR><BR>The GST (Goods and Seervices Tax), refunds are available at points of exit from Canada and at border crossings this is yusually combined with Duty Free Stores and at airports usually before you check in for your flight. But if you miss it you can always apply for your refunds by mail. Receipts are of course required and there is a website for this that I'm sure someone else will supply. If not just scroll on Tax Rebates and you'll get it.<BR><BR>Hope this has helped.
#3
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1.We found the best exchange rate to be at our local bank before we left the US.<BR>2.Each receipt must have a total of $50 or more before taxes to qualify for a refund. Dining and entertainment does not qualify, but your accomodations do. If you have an item that has a value of $200 or more, be prepared to show it at the customs window.<BR>3.At the Vancouver airport there is a "Can-Pass" office opposite the airline check-in counters. We had to ask if it was the correct line to stand in. As other people have noted on this site, we assumed the receipts would be stamped as we went through customs. It took 1/2 hour to get to the window. I heard quite a bit of complaining from people who didn't have the time to stand there, plus stand in line to check in. My husband stood in the check-in line while I waited in the Can-Pass line and that saved us valuable time.<BR>We breezed through customs, but then you stand in line again to go to your gate. We didn't realize we had to purchase the airport improvement ticket ($7 CDN),so walked past the counter. When we reached the front of the line we were asked for the A.I. tickets; luckily they have a machine right there to purchase them by credit card and we were able to get right back in line. Overall we weren't happy with the Vancouver airport experience. To drop off a rental car, get custom stamps, and get to your gate you need at least 2 hours.<BR>
#4
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Go to http://www.ccra-adrc.gc.ca/tax/nonre...ors/tax-e.html for all you need to know about the tax refunds. If you are driving, it's rather convenient to have your sales receipts stamped and pick up your refund at the duty-free shop just before you cross the border. If you're flying, you need to get receipts stamped for your purchases just inside the entrance (and you may be asked to produce the purchases).<BR><BR>In my experience, local banks at home have the WORST exchange rates. Best rates for acquiring cash once there are at a bank ATM (as opposed to the one in the hotel lobby, which may or may not assess a hefty fee or those located here and there not within banks).
#6
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As I said above, banks rip people off on foreign exchange. Currency exchanges generally charge half the service fees that the banks do. I find that in the states most banks outside of the major Financial ones don't have a clue when it comes to foreign exchange. In Palm Springs where there are tens of thousands of Canadians the banks actually took photocopies of my Canadian Money and had to make a phone call to their head office before they would cash a Canadian $100 bill.
#7
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No - not better off to switch your U.S. funds to Canadian here in Canada. Many banks just plain will not do so "over the counter" without you having an account there. Also, yes - they do "rip you off" when switching "back" to Canadian money. You are better off to exchange your money at your own bank before coming.<BR><BR>Have a wonderful vacation.<BR><BR>What part of Canada are you travelling through?<BR>
#9
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Hi Mark, <BR>In BC unfortunately we also have a 7+1/2% Provincial tax which is not refundable, however your USD will still go along way up here. Best listen to gary, Bank card at ATM is your best bet if not used to frequently. Vancouver is a very fun nice place to visit no specific recommendations tho. Well perhaps Stanley Park, English Bay depends what your into. Have lotsa fun!<BR>jan