Foreign Bank and Financial Account Reporting (FBAR's) Form 114 (FinCEN) - Due April 15th
You may find it helpful to use the attached Excel template to provide us with the information required to report your foreign financial accounts.
Whether you live in the U.S. or abroad, every U.S. person (U.S. citizens, green card holders, resident aliens) is required to file FinCEN Form 114 if they are an owner, joint owner, nominee, or can control the distribution of an account's funds and meet the filing threshold.
All foreign (non US) bank and financial accounts that you have signing authority over must be reported, including retirement accounts.
If the combined balance of all your foreign accounts is more than $10,000 at any point during the calendar year, you must file FinCEN Form 114. For example, suppose you are a U.S. citizen living in Canada and you have two checking accounts and a RRSP/RRIF or TFSA account at a Canadian bank that together held $15,000 during 2020. In this case, you must file an FBAR for 2020 even if each account only held $5,000.
Please provide details of all foreign (non U.S.) bank and financial accounts, including RRSP(s), Employer RPP(s) LIRA(s) TFSA(s), RESP(s), insurance policies with a cash value, corporate accounts.
- Bank or Financial Institution name and address
- Account number
- Account owner(s)
- Approx. maximum balance during the year.
2. Reporting for Foreign Grantor Trusts - Form 3520-A (i.e. Canadian Tax Free Savings Accounts (TFSA)
Form 3520-A-(Annual Information Return of Foreign Trust with a U.S. Owner) The annual filing deadline is March 15th or September 15th if a properly extended Form 7004 is timely submitted.
Form 3520-A reports information about the trust itself including income and distributions of the trust. The preparation of Form 3520-A includes a balance sheet and statement of investment income for inclusion on individual tax returns.
Please email us prior to March 15th if you will require an extension of this return. (IRS will impose a civil penalty of $10,000 for late filing of Form 3520-A).
Please provide the following information:
- Year end statement for the Tax Free Savings Accounts (TFSA)
- Amount and type of income earned within the plan for the year
- Date plan established
- Your total contributions to date, including grants, plus the contributions made during 2020
- Employer Identification number of the foreign trust
All information should be delivered to our Toronto office by courier, registered mail or to our secure server: http://serbinski.com/FileUploadDownload.shtml#Upload