Foreign Bank
Account Reporting
Stay compliant. Avoid penalties. Protect your future.
If you have a financial interest in or signature authority over foreign bank or financial accounts, you may be required to report them to the U.S. government. We help Canadians understand and meet their U.S. FBAR and IRS reporting obligations with confidence.
Avoid Costly Penalties
Accurate & Timely Reporting
Expert Cross-Border Tax Guidance
Who Needs to File FBAR?
Are a U.S. Person
U.S. citizens, Green Card holders, or residents for tax purposes.
Have a Financial Interest
Own or have authority over a foreign financial account.
Exceed the Threshold
The total value of your foreign accounts exceeds $10,000 (USD) at any time during the year.
Account Types Include
Bank accounts, investment accounts, mutual funds, RRSPs, TFSAs held outside the U.S., and more.
Report Annually
FBAR is due by April 15 of the following year with an automatic extension to October 15.
Key FBAR Facts
- File FinCEN Form 114 electronically with the U.S. Treasury.
- Due April 15, with automatic extension to October 15.
- Report all foreign financial accounts where you have a financial interest or signature authority.
- The $10,000 USD threshold applies to the aggregate value of all foreign accounts.
- FBAR is separate from your tax return and other IRS forms.
- Penalties apply for non-filing, late filing, or incorrect filing.
- FBAR must be filed even if no income is earned on the accounts.
How IC Tax Can Help
- Determine if you are required to file an FBAR
- Identify and value all foreign financial accounts
- Prepare and electronically file your FBAR (FinCEN Form 114)
- Coordinate with your U.S. tax return reporting (Form 8938)
- Assist with penalty relief and voluntary disclosure (if needed)
- Provide ongoing compliance and year-round support
Our FBAR Compliance Process
01
Consultation
We discuss your situation and determine your FBAR obligations.
02
Information Gathering
We collect details of your foreign accounts and their maximum values.
03
Analysis
We analyze your accounts and determine reporting requirements.
04
Preparation
We prepare your FBAR (FinCEN Form 114) accurately.
05
Electronic Filing
We electronically file your FBAR with FinCEN on your behalf.
06
Ongoing Support
We provide confirmation and year-round guidance for future compliance.
Don't Risk Costly Penalties.
Let our cross-border tax experts ensure your foreign accounts are reported accurately and on time.