Serbinski Accounting Firms

nelsona wrote:
> You could always just file FBAR for 2016 and 2017. That would seem to be a
> lot less than asking questions. They aren't looking for accuracy, they just
> want the accounts to be reported.
> btw, she has no joint account(s) with you? They count too. No RRSP?

they are late now, so ...

I re-read the fincen instructions, and found the following:

Step 1. Determine the maximum value of each account (in the currency of that account) during the calendar year being reported. The maximum value of an account is a reasonable approximation of the greatest value of currency or nonmonetary ...

nelsona wrote:
> The FBAR has rules on determining max value, I suggest you read them.
>
> For the most part they go by monthly statement end date value, rated on
> that date. MAXIMUM VALUES are usually use date specific exchange rates,
> which are easily available, only periodic INCOME would allow ...

Not sure how to edit, but wanted to add:

This is also relevant to 2017, as the balances stayed the same until January 3, 2017, when the USD account was emptied (funds transferred to me). At that point, the federal reserve rate was 1.3437, for a converted aggregate value of $9,950.22. However, the ...

Hello,

First time poster.

Posting on behalf of my wife. US citizen. Moved to Canada in 2016 to live with me. Never filed an FBAR (or tax return, but has no income) since moving - has accounts just barely over $10k USD at various points in 2016 and 2017.

Question is about what rate to use for ...