FATCA - when to report

[jawahar]

I am a US Expat living in Canada for several years now.
I hear that FATCA reporting is needed when total assets for a couple filing jointly is above $400K (for 2023), so when and if I get to 400K I need to report it ?
Will the amount reported be subject to tax in the US for example if all the assets are RRSP ? or a company Pension plan ?

Thanks

[Will123]

Correct, the threshold for FATCA reporting is $400k for a couple filing jointly living abroad (it's lower if you live in the US). You also have FBAR reporting, which is only a $10k threshold for reporting. If you are a US Citizen or Green Card holder, all your worldwide income is reportable. RRSPs and pensions should be covered under the tax treaty, so although they are reportable, you might not owe tax on them. Those thresholds are aggregates (the sum of all your assets abroad), not the total for individual accounts.

[Will123]

FYI, you only have to report your ex-situ assets - what you have outside the US. Also, if you are a US person, you should be filing a US return every year to declare you income.