FBAR for accounts closed during the year

Oceansunshine · Post by **Oceansunshine** » Tue Apr 03, 2012 8:28 pm

Hi,

I am a Canadian who moved to the US with my husband on Dec 28, 2010. This is therefore my first time filing US taxes and I have a few questions concerning completion of the FBAR:

1. We have multiple accounts in Canada. Some of the accounts that were open in early 2011 were closed later in 2011 (after we'd moved the money to the US). Do we need to include these closed accounts on our FBAR?

2. I have one RRSP 'account' at a Canadian bank, that contains within it multiple RRSPs (e.g., short and longer term GICs and mutual funds). For the purpose of the FBAR, can I just sum all the RRSPs and provide the overall account value, or do I need to list each RRSP separately?

Thank you so much for your time and for making available such a useful forum!

nelsona · Post by **nelsona** » Tue Apr 03, 2012 9:02 pm

1. Yes
2. If you can point to a gloabl account number, yes.

nelsona · Post by **nelsona** » Tue Apr 03, 2012 9:02 pm

2. I meant If..., yes you can sum them.

Oceansunshine · Post by **Oceansunshine** » Tue Apr 03, 2012 10:02 pm

Great. Thanks so much for the speedy reply! One final point of clarification...

It seems I will have some 'double counting' of money if I list 'max amount' during the year, at any time, across all accounts.

For example, I had $20k in an investment account, moved this into a savings account, then transferred it to the US, and closed both the investment and savings account.

When I list all accounts I had at any time in 2011, I will therefore have a max of $20k in the investment, AND $20k in the savings, even though its the same $20k.

Seems funny, but is that right?

nelsona · Post by **nelsona** » Wed Apr 04, 2012 5:31 am

It doesn't matter. The maximum value in each account is what is asked for, nothing more, nothing less.