Hello,
My wife is a US/Canadian dual citizen living in Canada.
We've been filing her FBAR and reporting all the bank/RRSP accounts on there.
While preparing the 2023 FBAR, noticed that we made a mistake on the balance of one of the accounts in the 2022 FBAR. The mistake is relatively significant (about 35% of the total balance across all accounts). We plan on filing an amended 2022 FBAR with the corrected amount. The balance was correctly reported in the 2021 FBAR.
-Any reason for concern here? I'm thinking not since it was correctly reported in 2021 but thought I'd ask.
-The form is asking for a BSA identifier, is this required for amending? where to get that from.
Additionally, we've been using account type 'other' for RRSP accounts (invested in mutual funds/ETFs) and writing "registered retirement savings plan" in the description box. As of 2023 she also has a TFSA GIC and we were planning to also use 'other'. However, I've recently read that these should be reported as 'securities'.
-Is it best to stick to what we've been doing? or change the type to 'securities' going forward?
-Safe to assume that it's not worth amending past FBARs for that?
Thank you
FBAR amendment / account types
Moderator: Mark T Serbinski CA CPA
Re: FBAR amendment / account types
update: found the BSA identifier in Fincen FBAR acknowledgement email... will use that in amended FBAR