LOANS reportable on FBAR?

[aniagara]

Thanks - I'm fairly new to canada, have always filed US tax returns and reported all income - never realized about FBAR despite looking at these boards for info and realizing I had to declare my ROTH to the CRA -

No doubt my anger keeps getting in the way as to why it is necessary beyond filing taxes, which I've always done. (I guess the IRS' administrative costs are lower with this process than with auditing suspicious folks that are US citizens but not filing. I guess.)

So, forgive me please, I've just reviewed the form, realized that it's aggregate reporting, that it's MAX amount for the year, not current or realistic average, and that I have to report my budget at work I think - but I am hoping someone can just tell me if I have to also report loans.

So is it ALL accounts at a canadian institution (i only have canadian and US) - that are in any way in my name or signing authority - INCLUDING things like mortgage, car loan, LOC, etc?

Many thanks - this is a really helpful board and best wishes to folks who are in a much worse situation than me and probably even more angry/frustrated.

[nelsona]

Yes, FBAR requires reporting of every single financial account in which you have signing authority, and you report the highest value in USD in the year (generally by statement date) for each one.

You do not report loans or credit cards unless you carried a POSITIVE balance on these. CC's are known places where off-shore taxpayers will hide money, so Treasury wants to know this. But if any loans and CC's nevr had had +ive balnce, no need to report.

[aniagara]

WOW - thank you. Positive balance - hah!
Thanks, so much, again.