transfers from foreign bank accounts + Form 90-22.1

[stormy]

Hi,

I'm a Canadian citizen now living in the US. I closed one of my Canadian bank accounts last year since they do not deal with foreign addresses, and in doing so, transferred part of the balance (less than $10000) to my US bank account (and the rest to another Canadian account I still have). The existence of form 3520 for foreign trusts makes me wonder - do I need to report this transaction on a form anywhere? It's just a regular bank account so it wouldn't be considered a foreign trust would it?

Another question, about Form TD F 90-22.1. Reporting the maximum value of the account during the calendar year, is that the max value of the balance on each monthly statement? or at any point (i.e. any day)? In the process of closing my account, I did some temporary transfers that mean summing these max values is a lot larger than the actual aggregate value of the accounts. Finally, I will no longer have to file Form 90-22.1 next year (2012) - do I need to notify them of that change?

Thanks in advance for this very helpful forum!

[nelsona]

bank accounts are not trusts. FBAR reporting is all that is required for bank accounts.

I put the highest value. period. You can put the highest statement value if you wish. It really doesn;'t matter.

If all your foreign accounts, NEVER total 10K at any time in the year you don;t need FBAR. Otherwise you do.