Signature Authority for Foreign Bank Account

[martinleroux]

Apologies for a slightly off-topic post, but there may be some members who're in a similar position with respect to a Canadian bank account.

I'm a Canadian citizen and US resident. My Dad, who happens to live in S. Africa, has an interest-bearing bank account in the UK Channel Islands. He would like to give me signature authority/power of attorney over this account (he's worried that he might become incapacitated at some point). My question is, would this create any complications from a US tax point of view? As far as I can tell the only implication is that I would have to include this in my TDF90.22 filings (the balance exceeds USD 10,000). Have I missed anything?

I would not have a financial interest in this account, i.e. I would not be a beneficial owner.

[Mark T Serbinski CA CPA]

If you are a signatory only, and do not have a beneficial interest in the account, your only obligation in the U.S. would be to file form TDF 90.22.1 each year.

[walsh]

My wife has similar situation. We are both Canadian living in US with residence status. Her dad added her name to his account of about $12,000 five years ago. She never touches the account. What she has to do? File back all the FBAR. Does she need to go into the OVDI program?

[qweryt]

No need to go into the OVDI. Just file TDF 90.22.1 for the last 3 years (as mentioned in other posts on this forum).