Form 8938 FATCA reporting (involve funds transfer between accounts)

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Form 8938 FATCA reporting (involve funds transfer between accounts)

Post by okinawafl »

May I know for the 8938 FATCA reporting requirements:

I have following canada assets (highest value in equivlent in usd):

1. Canada RRSP FMV 18,000 in Mar 2021 (transfer to invest direct RRSP in April 2021)
2. Canada RRSP in investing direct account FMV 22,000 in December 2021 (incl. transfer from above regular RRSP account)

3. Canada Saving account $45,000 on Jan 10, 2021 (but I transferred $40,000 to my mom and my checking account on Jan 11)
4. Canada my mom and my Checking account $41,000 on Jan 11, 2021 (included $40,000 from above saving account) and the money was all used in Feb 2021.

On 12/31/2021, I have less than usd 50,000 in Canada RRSP and checking account. but if I look at the maximum of each account, I will over $75,000 highest value if I included the transferred between RRSP accounts, and between saving and checking accounts. May I know if I am required to file FATCA for 2021 tax year.

If I need, on Form 8938 line 6, maximum value of all accounts, shall I put maximum of all of the amount ($18,000 + 22,000 + 45,000 + 41,000) or I should look at the maximum value on a single day (so it will be Jan 11, 2021 $45,000 only) as after Jan 11, I only have few thousand in my checking account and the RRSP contributed in March ? I am very confused. Hope you can help.
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