Who is required to complete the “Report of Foreign Bank and Financial Accounts (FBAR)” with the IRS?
Allan Madan, CA
Every U.S. Citizen, regardless of whether they live in the U.S. or not are required to file a FBAR Form to the IRS on an annual basis if the total value of the following foreign financial accounts exceed $10,000 at any time during the year:
- Bank Accounts
- RRSP/RESP/TFSA
- Brokerage account held for trading stocks and other securities
- etc.
The due date is June 30 of the following year and the penalty for non-filing can be very severe. You may be required to file the FBAR form for the past six years if you have not done so.
Disclaimer
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CA.CPA.CGA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
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