Question for U.S. citizens living in Canada - FBAR

[Ponga]

Because Halloween is getting close, here's something REALLY scary...FBAR! LOL!

Did you interpret the rule to be that you must report if your foreign financial accounts combined balance(s) exceeds $10k* or more at any time throughout the year...even if on different days? Ok...but here's the part that seems crazy to me!

You have an individual checking account and are also on your spouse's account...If you deposit (or have a balance of) $5001* dollars in your primary account...then transfer that amount to your joint account at anytime after that (within the same calendar year)...you suddenly have $10,002* that must be reported, even though it's the same $5001* that YOU started with, just moved between accounts. The key word is the `aggregate' amount/balance throughout the year...right?
[*=USD conversion]

Is that correct?

 

[janfly]

Because Halloween is getting close, here's something REALLY scary...FBAR! LOL!

Did you interpret the rule to be that you must report if your foreign financial accounts combined balance(s) exceeds $10k* or more at any time throughout the year...even if on different days? Ok...but here's the part that seems crazy to me!

You have an individual checking account and are also on your spouse's account...If you deposit (or have a balance of) $5001* dollars in your primary account...then transfer that amount to your joint account at anytime after that (within the same calendar year)...you suddenly have $10,002* that must be reported, even though it's the same $5001* that YOU started with, just moved between accounts. The key word is the `aggregate' amount/balance throughout the year...right?
[*=USD conversion]

Is that correct?

Hello,

A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.

No harm in reporting to the Fed. Your financial transactions/assets in Canada already been reported to the United states through a QI by your bank in Canada, still Fed expects everyone to report personally.

 

[Ponga]

Hello,

A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.

No harm in reporting to the Fed. Your financial transactions/assets in Canada already been reported to the United states through a QI by your bank in Canada, still Fed expects everyone to report personally.

Does nothing to answer the question, but...thanks.