FBAR = reporting on joint account

[jawahar]

I am a US / Canada dual citizen living in Canada. I recently set up some GIC joint with my Dad (for whom I have Power Of attorney) so that I can help Manage his finances and pay his bills etc.
Do I have to report these accounts via FBAR, as it is joint I do have controlling rights but this really is just for helping my dad as he cannot manage his own finances. Will this be subject to tax, if the gain at the end of the GIC is all given to my Dad (Reported to the CRA as his income).

Any help is appreciated on this topic

thank

[FunTopic]

Assuming you're over the $10k threshold in assets, then yes you'd need to report that account on your FBAR filing.

FBAR reporting (disclosure) and tax reporting are two different things. Generally-speaking, if you don't receive any income from the GIC, you won't be taxed on it.