FBAR Penalty Estimator
The Report of Foreign Bank and Financial Accounts (FinCEN Form 114, commonly called "FBAR") requires US persons to report foreign financial accounts if the aggregate value exceeds $10,000 at any time during the calendar year.
Who must file: US citizens, US residents (including green card holders and those meeting the Substantial Presence Test), and certain entities with signature or financial interest over foreign accounts.
What counts: Canadian bank accounts, investment accounts, mutual funds, RRSPs, TFSAs, RRIFs, RESPs, and any other financial account held outside the United States.
Enter Your FBAR Details
How many foreign accounts were not reported (1-50)
Highest combined balance of all unreported accounts during the year
Number of calendar years with missed FBAR filings (1-10)
Nature of violation
Estimated Penalty Calculation
Total Estimated Penalty
$16,536
Streamlined Filing May Be Available
If your failure to file was non-willful, the IRS Streamlined Filing Compliance Procedures may allow you to become compliant with significantly reduced penalties. The offshore streamlined program requires a 5% miscellaneous offshore penalty instead of the standard per-account penalty.
DualFiler Does NOT File FBAR
FBAR (FinCEN 114) must be filed electronically through the BSA E-Filing System at bsaefiling.fincen.treas.gov. The deadline is April 15 with an automatic extension to October 15. DualFiler provides educational guidance only.
Frequently Asked Questions
What is FBAR (FinCEN 114)?
FBAR stands for Report of Foreign Bank and Financial Accounts (FinCEN Form 114). US persons (citizens, residents, green card holders) must file an FBAR if the aggregate value of their foreign financial accounts exceeds $10,000 at any time during the calendar year. This includes Canadian bank accounts, investment accounts, RRSPs, TFSAs, and other financial accounts held outside the US.
What are the penalties for not filing FBAR?
Non-willful penalties are up to $16,536 per violation (per account, per year as of 2024, adjusted annually for inflation). Willful penalties are the greater of $165,353 or 50% of the account balance at time of violation. Willful violations can also result in criminal penalties of up to $500,000 fine and 10 years imprisonment.
What is the FBAR filing deadline?
The FBAR is due April 15 each year for the prior calendar year. There is an automatic extension to October 15 — no extension request is needed. FBAR must be filed electronically through the BSA E-Filing System at bsaefiling.fincen.treas.gov.
Does my RRSP or TFSA count for FBAR?
Yes. Both RRSP and TFSA accounts are considered foreign financial accounts for FBAR purposes. If these accounts, combined with any other foreign accounts, exceed $10,000 in aggregate value at any point during the year, you must file an FBAR. This is one of the most common oversights for Canadians living in the US.
What is the Streamlined Filing Compliance Program?
The IRS Streamlined Filing Compliance Procedures allow taxpayers who can certify their failure to file was non-willful to become compliant with reduced penalties. For US residents, the penalty is 5% of the highest aggregate balance of unreported foreign accounts. For non-residents, there is no penalty (zero). The program requires filing 3 years of amended tax returns and 6 years of FBARs.