FBAR

[Wuozopo 4,293]

12 hours ago, mave said:

Now since I have to file FBAR for 2020, do I still need to include this even though I don't have a statement?

You could list it with a zero balance or just skip it. I don’t think anybody from the Treasury Dept is going to be checking on you for details of inactive accounts that are now closed. I didn’t even know to file FBAR the first year or two. Nobody fined me. The proper answer would be list it, but the casual me says nothing will happen if you forgot you even had that dormant account. 
 

[Sofitalian 134]

On 4/6/2021 at 9:44 AM, Wuozopo said:

You could list it with a zero balance or just skip it. I don’t think anybody from the Treasury Dept is going to be checking on you for details of inactive accounts that are now closed. I didn’t even know to file FBAR the first year or two. Nobody fined me. The proper answer would be list it, but the casual me says nothing will happen if you forgot you even had that dormant account. 
 

Thanks for your suggestions

[CAKIK 1]

On 4/5/2021 at 9:45 AM, IndigoFlowers said:

On 4/5/2021 at 9:45 AM, IndigoFlowers said:

From what I have read, I am pretty sure you do have to file an FBAR for your RRSP if the amount is over $10,000 USD. I would personally file an FBAR for it. Luckily, the FBAR is pretty easy to file online yourself if you have your account numbers and totals ready. 

 

 

 

 

 

 

 

 

I am looking at FinCEN 114 form right now and having a question! I have over $10,000 RRSP GIC which is parked in a regular bank.

For "Type of Account", there are 3 pull down options: Bank, Securities, Other. I am wondering if I should choose Bank or choose Other (then blank box beside it becomes fillable) and explain as RRSP? I am afraid if I choose Bank, they think it is a regular account, like a chequing and a saving which I believe that the US CANADA treaty (Treaty allows a U.S. person to make an election to defer the tax of the accrued income until a withdrawal is made) doesn't apply to...  Please tell me how you did:)

[IndigoFlowers 130]

4 hours ago, CAKIK said:

I am looking at FinCEN 114 form right now and having a question! I have over $10,000 RRSP GIC which is parked in a regular bank.

For "Type of Account", there are 3 pull down options: Bank, Securities, Other. I am wondering if I should choose Bank or choose Other (then blank box beside it becomes fillable) and explain as RRSP? I am afraid if I choose Bank, they think it is a regular account, like a chequing and a saving which I believe that the US CANADA treaty (Treaty allows a U.S. person to make an election to defer the tax of the accrued income until a withdrawal is made) doesn't apply to...  Please tell me how you did:)

Good question. Unfortunately I don't have an answer for that as I haven't had to deal with any GICs. My suggestion is to try searching other forums on here or on google. A couple years ago FinCen did have a phone number you could call to get help and ask questions - I can't find the number at the moment, but that might be useful for you as well. 

[CAKIK 1]

9 hours ago, IndigoFlowers said:

Good question. Unfortunately I don't have an answer for that as I haven't had to deal with any GICs. My suggestion is to try searching other forums on here or on google. A couple years ago FinCen did have a phone number you could call to get help and ask questions - I can't find the number at the moment, but that might be useful for you as well. 

Thanks for your info! Yeah I might have to call them...