FBAR Max account value - moved during year

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

Post Reply
mpen
Posts: 1
Joined: Thu Mar 07, 2019 10:57 pm

FBAR Max account value - moved during year

Post by mpen »

I have two questions about the FBAR:

1. I moved from BC to California during 2018. Is the "Maximum account value" the max balance I've ever held in my account since my departure date, or for the entirety of 2018?

2. I can exclude RRSPs from this amount, right? But not TFSAs, because the US doesn't recognize those? (should be OK because I got rid of my TFSA before moving)

Thank you,
Mark
nelsona
Posts: 18359
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: FBAR Max account value - moved during year

Post by nelsona »

1. Just put the largest amount. It really doesn't matter
2. Incorrect. ALL foreign accounts must be listed. The only exemption RRSPs have is from having to pay US tax on the internal earnings.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
bayarea_dreamer
Posts: 9
Joined: Sun Oct 07, 2018 5:03 am

Re: FBAR Max account value - moved during year

Post by bayarea_dreamer »

Hi mpen,

I also moved to California from Canada last year, do you want to connect to get the answers to these questions together?
Post Reply