FBAR Filing for US Expats in Canada
Canada is home to the largest US expat population worldwide. US citizens and green card holders living in Canada must file FBARs for Canadian bank accounts, investment accounts, RRSPs, TFSAs, and RESPs if the aggregate value exceeds $10,000 at any point during the year.
Approximately 1 million US citizens live in Canada
Common Canada Banks Reported on FBAR
Canada Account Types Reportable on FBAR
- Chequing and savings accounts
- RRSPs (Registered Retirement Savings Plans)
- TFSAs (Tax-Free Savings Accounts)
- RESPs (Registered Education Savings Plans)
- Non-registered investment accounts
- GICs (Guaranteed Investment Certificates)
Canada Pension & Retirement Account FBAR Rules
Canadian RRSPs and TFSAs are reportable on FBAR. RRSPs are also reportable under FATCA (Form 8938). TFSA income is generally taxable to US persons under IRC §7701(a)(30). The US-Canada tax treaty (Article XVIII) provides limited relief for RRSP contributions.
Key FBAR Considerations for Canada
- !RRSPs and TFSAs must be reported even if no distributions were taken
- !Canadian mutual funds may be classified as PFICs (Passive Foreign Investment Companies)
- !The US-Canada tax treaty affects treatment of Canadian pension income
- !Joint accounts with Canadian spouse require FBAR reporting if aggregate exceeds $10,000
CAD/USD Currency Conversion
FBAR requires reporting account values in US dollars. FBAR Direct automatically converts Canadian Dollar (CAD) balances to USD using the Treasury Department's end-of-year exchange rate, so you can enter your account values in CAD.
File Your FBAR for Canada Accounts
Most people finish in under 10 minutes. Automatic CAD/USD conversion included.
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