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Item 8. Financial Statements and Supplementary Data

2021-02-26 compared with 2020-02-28 · 29 added, 59 removed, 247 unchanged (26% of the section changed)

4 unchanged sentences

Statements of Financial Condition at December 31, 2020 and 2019

Statements of Comprehensive Income for the Year Ended December 31, 2019, the Two Months Ended December 31, 2018 and the Year Ended October 31, 2018

Statements of Comprehensive Income for the Years Ended December 31, 2020 and 2019

Statement of Changes in Shareholders' Equity and Redeemable Capital Shares for the Year Ended December 31, 2020

Statement of Changes in Shareholders' Equity and Redeemable Capital Shares for the Two Months December 31, 2018

Statement of Changes in Shareholders' Equity and Redeemable Capital Shares for the Year Ended October 31, 2018

Statements of Cash Flows for the Year Ended December 31, 2019, the Two Months Ended December 31, 2018 and the Year Ended October 31, 2018

Statement of Changes in Shareholders' Equity and Redeemable Capital Shares for the Year Ended December 31, 2019

Statements of Cash Flows for the Years Ended December 31, 2020 and 2019

Notes to Financial Statements

6 unchanged sentences

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

We, Daniel Draper, Principal Executive Officer, and Kelli Gallegos, Principal Financial and Accounting Officer, Investment Pools, of the Sponsor, assessed the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2019.

We, Anna Paglia, Principal Executive Officer, and Kelli Gallegos, Principal Financial and Accounting Officer, Investment Pools, of the Sponsor, assessed the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2020.

In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control—Integrated Framework (2013).

1 unchanged sentence

The Trust’s independent registered public accounting firm, PricewaterhouseCoopers LLP, has audited the Trust’s internal control over financial reporting as of December 31, 2020, as stated in their report on page 17 of the Trust’s Annual Report on Form 10-K.

/S/ DANIEL DRAPER

Daniel Draper

/S/ ANNA PAGLIA

Principal Executive Officer

4 unchanged sentences

Report of Independent Registered Public Accounting Firm

To the Board of Managers and Shareholders of Invesco CurrencyShares Canadian Dollar Trust

To the Board of Managers of Invesco Specialized Products, LLC (as Sponsor of Invesco CurrencyShares Canadian Dollar Trust) and Shareholders of Invesco CurrencyShares Canadian Dollar Trust

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying statements of financial condition of Invesco CurrencyShares Canadian Dollar Trust (the “Trust”) as of December 31, 2019 and 2018, and the related statements of comprehensive income, of changes in shareholders’ equity and redeemable capital shares and of cash flows for the year ended December 31, 2019, the two months ended December 31, 2018 and for the year ended October 31, 2018, including the related notes (collectively referred to as the “financial statements”).

We have audited the accompanying statements of financial condition of Invesco CurrencyShares Canadian Dollar Trust (the “Trust”) as of December 31, 2020 and 2019, and the related statements of comprehensive income, of changes in shareholders’ equity and redeemable capital shares and of cash flows for each of the two years in the period ended December 31, 2020, including the related notes (collectively referred to as the “financial statements”).

We also have audited the Trust's internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Trust as of December 31, 2019 and 2018, and the results of its operations and its cash flows for the year ended December 31, 2019, the two months ended December 31, 2018 and for the year ended October 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Trust as of December 31, 2020 and 2019 , and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

19 unchanged sentences

Critical Audit Matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the financial statements and (ii) involved our especially challenging, subjective, or complex judgments.

We determined there are no critical audit matters.

/s/PricewaterhouseCoopers LLP

6 unchanged sentences

Canadian Dollar deposits, interest bearing

Canadian Dollar deposits, non-interest bearing

Subscriptions receivable

13 unchanged sentences

Statements of Comprehensive Income

For the Year Ended December 31, 2019, the Two Months Ended December 31, 2018

and the Year Ended October 31, 2018

Two Months Ended

December 31, 2019

December 31, 2018

October 31, 2018

For the Years Ended December 31, 2020 and 2019

Interest Income

6 unchanged sentences

Invesco CurrencyShares ® Canadian Dollar Trust

Statements of Changes in Shareholders’ Equity and Redeemable Capital Shares

Statement of Changes in Shareholders’ Equity and Redeemable Capital Shares

For the Year Ended December 31, 2020

4 unchanged sentences

Redemption of Shares

( 115,233,504

Net Increase (Decrease) due to Share Transactions

8 unchanged sentences

Invesco CurrencyShares ® Canadian Dollar Trust

Statements of Changes in Shareholders’ Equity and Redeemable Capital Shares

For the Two Months December 31, 2018

Statement of Changes in Shareholders’ Equity and Redeemable Capital Shares

For the Year Ended December 31, 2019

Shareholders'

Capital Shares

Balance at October 31, 2018

Purchases of Shares

Redemption of Shares

Net Increase (Decrease) due to Share Transactions

Distributions

Net Comprehensive Income (Loss)

Adjustment of Redeemable Capital Shares to

Redemption Value related to Retained Earnings

Adjustment of Redeemable Capital Shares to

Redemption Value

Balance at December 31, 2018

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco CurrencyShares ® Canadian Dollar Trust

Statements of Changes in Shareholders’ Equity and Redeemable Capital Shares

For the Year Ended October 31, 2018

Shareholders'

Capital Shares

Balance at October 31, 2017

Purchases of Shares

Redemption of Shares

( 115,233,504

Net Increase (Decrease) due to Share Transactions

5 unchanged sentences

Redemption Value

Balance at October 31, 2018

Balance at December 31, 2019

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

1 unchanged sentence

Statements of Cash Flows

For the Year Ended December 31, 2019, the Two Months Ended December 31, 2018

and the Year Ended October 31, 2018

Two Months Ended

December 31, 2019

December 31, 2018

October 31, 2018

For the Years Ended December 31, 2020 and 2019

Cash flows from operating activities

38 unchanged sentences

The secondary account is also used to account for interest earned, if any, on the primary deposit account, pay Trust expenses and distribute any excess interest to holders of Shares (“Shareholders”) on a monthly basis.

The accompanying audited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.

This Annual Report (the “Annual Report”) covers the years ended December 31, 2020 and 2019.

Note 3 – Summary of Significant Accounting Policies

Basis of Presentation

The financial statements of the Trust have been prepared using U.S.

The financial statements of the Trust have been prepared using accounting principles generally accepted in the United States of America (“U.S.

Accounting Estimates

22 unchanged sentences

The table below shows distributions per Share and in total for the periods presented:

Two Months Ended

December 31, 2019

December 31, 2018

October 31, 2018

Years Ended December 31,

Distributions per Share

Distributions paid

An income distribution for the month ended December 31, 2019 was paid on January 9, 2020 to holders of record as of January 3, 2020 at a rate of $ 0.03408 per Share and a total distribution of $ 52,824 .

There was no income distribution for the month ended December 31, 2020.

Routine Operational, Administrative and Other Ordinary Expenses

5 unchanged sentences

These exceptions include expenses not assumed by the Sponsor (i.e., expenses other than those identified in the preceding paragraph), expenses resulting from negative interest rates, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Trustee or the Sponsor on behalf of the Trust or action taken by the Trustee or the Sponsor to protect the Trust or the interests of Shareholders, indemnification of the Sponsor under the Depositary Trust Agreement, audit fees and legal expenses in excess of $ 100,000 per year.

The only expense of the Trust during the year ended December 31, 2019, the two months ended December 31, 2018 and the year ended October 31, 2018 was the Sponsor’s fee.

The only expense of the Trust during the years ended December 31, 2020 and 2019 was the Sponsor’s fee.

Federal Income Taxes

8 unchanged sentences

federal income tax purposes, an accrual-basis U.S.

Shareholder generally will be required to take into account as an expense its allocable portion of the USD-equivalent of the amount of the Sponsor’s fee that is accrued on each day, with such USD-equivalent being determined by the currency exchange rate that is in

effect on the respective day.

To the extent that the currency exchange rate on the date of payment of the accrued amount of the Sponsor’s fee differs from the currency exchange rate in effect on the day of accrual, the U.S.

To the extent that the currency exchange rate on the date of payment of the accrued amount of the

Sponsor’s fee differs from the currency exchange rate in effect on the day of accrual, the U.S.

Shareholder will recognize a currency gain or loss for U.S.

14 unchanged sentences

The interest rate in effect as of December 31, 2020 was an annual nominal rate of 0.00 %.

For the year ended December 31, 2020, there were Canadian Dollar principal deposits of 98,523,433 and Canadian Dollar principal redemptions of 59,135,871 and Canadian Dollar withdrawals (to pay expenses) of 439,240 , resulting in an ending Canadian Dollar principal balance of 191,849,213 .

This equates to 150,588,080 USD.

For the year ended December 31, 2019, there were Canadian Dollar principal deposits of 83,848,876 and Canadian Dollar principal redemptions of 152,900,891 , resulting in an ending Canadian Dollar principal balance of 152,900,891 .

This equates to 117,914,262 USD (which includes USD subscriptions receivable).

For the two months ended December 31, 2018, there were Canadian Dollar principal deposits of 39,458,295 and Canadian Dollar principal redemptions of 24,661,434 , resulting in an ending Canadian Dollar principal balance of 221,952,906 .

This equates to 162,507,619 USD (which includes USD subscriptions receivable).

Net interest, if any, associated with creation and redemption activity is held in a Canadian Dollar-denominated non-interest bearing account, and any balance is distributed in full as part of the monthly income distributions, if any.

10 unchanged sentences

The Sponsor of the Trust generally oversees the performance of the Trustee and the Trust’s principal service providers.

The Sponsor is Invesco Specialized Products, LLC, a Delaware limited liability company and a related party of the Trust.

Sponsor is Invesco Specialized Products, LLC, a Delaware limited liability company and a related party of the Trust .

The Trust pays the Sponsor a Sponsor’s fee, which accrues daily at an annual nominal rate of 0.40 % of the Canadian Dollars in the Trust (including all unpaid interest but excluding unpaid fees, each as accrued through the immediately preceding day) and is paid monthly .

23 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data