FinCEN 114 (FBAR)
Report of Foreign Bank and Financial Accounts
Who Must File
US persons with a financial interest in or signature authority over foreign financial accounts with an aggregate value exceeding $10,000 at any time during the year.
Deadline
April 15 (automatic extension to October 15)
Penalty
Up to $16,117 per account per year (non-willful); up to $161,170 or 50% of account balance (willful)
Step-by-Step Filing Instructions
Identify all foreign financial accounts: bank, brokerage, TFSA, RRSP, RESP, mutual funds.
Determine the maximum value of each account during the calendar year.
Convert each maximum value to USD using the Treasury year-end exchange rate.
Sum all account maximums to see if you exceed the $10,000 threshold.
File electronically through the BSA E-Filing System at bsaefiling.fincen.treas.gov.
Keep records of account statements and filing confirmation for 5 years.
Tips & Best Practices
FBAR is filed with FinCEN, not the IRS, and is not attached to your tax return.
Canadian TFSA, RRSP, RESP, RDSP, and LIRA accounts are all reportable.
Joint accounts are reported at full value by each person with a financial interest.
There is no tax due with FBAR; it is an information return only.
The October 15 extension is automatic with no form needed.
Frequently Asked Questions
Does my TFSA count as a foreign account for FBAR?
Yes. The TFSA is a foreign financial account and must be reported on FBAR if your aggregate foreign accounts exceed $10,000.
What exchange rate do I use for FBAR?
Use the US Treasury year-end exchange rate published on fiscal.treasury.gov for December 31 of the reporting year.
Can I file FBAR on paper?
No. Since 2013, FBAR must be filed electronically through the BSA E-Filing System.
Not sure which forms you need?
Answer a few questions and get a personalized checklist of every US and Canadian form required for your cross-border situation.
Start the Filing Wizard