FBAR: reporting your Canadian accounts to the US Treasury
If you are a US citizen or resident with foreign accounts, including Canadian bank accounts, RRSPs, or TFSAs, this filing is separate from your tax return and carries its own penalties.
The threshold
FBAR is required when the combined highest balances of all your foreign financial accounts exceed 10,000 US dollars at any point during the year, even for a single day.
It is not part of your tax return
FBAR is filed with FinCEN, not the IRS, using a separate electronic system, and it reports account existence and balances rather than income.
The penalty structure is why this matters
Non-willful failures to file can still carry significant penalties, and the IRS Streamlined Filing Compliance Procedures exist specifically to help people catch up before it becomes an enforcement issue rather than a paperwork one.
Not sure how this applies to your situation?
This guide is general information, not individualized advice. Book a consultation to see how FBAR fits your actual filing.
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