FBAR

[Sofitalian 134]

Does anyone know if Canadian RRSP account with value over USD 10,000 needs to be filed under FBAR as well? I filed non-resident status when I left Canada years ago and only kept mutual funds in my RRSP account.

[Sofitalian 134]

7 minutes ago, mave said:

Does anyone know if Canadian RRSP account with value over USD 10,000 needs to be filed under FBAR as well? I filed non-resident status when I left Canada years ago and only kept mutual funds in my RRSP account.

In addition, for filing FBAR, is it more complicated if the accounts that need to be reported are in multiple countries (other than US)? Or is it the same whether it's one account in one country, or one account each from two countries?

[JeanneAdil 6,498]

Read the instructions to know the best answer / we don't know things like "is it jointly owned?"  and what other things may affect this process

but from reading "it looks like yes"  and that is without knowing all the facts as You are the only one who would know 

 

https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar

[Wuozopo 4,293]

1 hour ago, mave said:

In addition, for filing FBAR, is it more complicated if the accounts that need to be reported are in multiple countries (other than US)? Or is it the same whether it's one account in one country, or one account each from two countries?

It is a list of all foreign accounts when the total exceeds $10k so I don’t see why it would be country specific.

Example—

$3000 Canada Bank 1

$5000 Canada Bank 2

$4000 Mexico Bank 

$1000 France Bank

TOTAL $13000 in foreign held accounts

[Sofitalian 134]

I see. Thanks all for the info.