FBAR question

[chronusfree68]

We just submitted the 2023 FBAR reporting due in April early. After submission, we realized that we had accidentally left out an RRSP account which we understand is reportable. Is it better to revise the FBAR prior to the April deadline, or is it to let the matter be, and remember to include the missing RRSP for the 2024 FBAR reporting?

[chronusfree68]

For context, the total value of the RRSP is around US$2,000 only.

[nelsona]

You should amend your FBAR. The value doesn't matter.

[chronusfree68]

Thanks Nelsona. Is there a risk that IRS will assess a hefty penalty in this case for amending the FBAR, before the April deadline?

We have already been "forgiven" once by the IRS for a late-filed 5471 back in 2017 and don't want to push IRS's patience.

As far as we know, the bank at which we opened the RRSP account said they would send a form for us to disclose our U.S. SSN, but they never did, even 7 months later. Our intention is of course still to disclose it to the IRS, but without running the risk of a heavy penalty.

[nelsona]

While would you be penalized if you re-file/amend before the deadline. There is even provision to do this.

There is nothing you need or should get from the Cdn institution. You should know better than that given your long time in US.