Signature authority or joint account?

Atlaas02se · Post by **Atlaas02se** » Thu Jun 21, 2012 1:37 am

Here is a question:

A mother (Canadian) opens a bank account and adds her daughter's name (a Canadian and US person) to the account, and the mother contnues to file the full Canadian tax on the bank interests (T5 goes to the mother).

Would the daughter be considered a joint account owner or having signature authority? Any US tax implications?

nelsona · Post by **nelsona** » Thu Jun 21, 2012 5:47 am

She would be a joint owner.

In any event, the mother should be filing a US tax return to collect the $1000 credit, so she would be reporting FBAR anyways.

Atlaas02se · Post by **Atlaas02se** » Thu Jun 21, 2012 9:09 am

How could the mother, a Canadian, file a US tax return and what is this $1000 dollar credit?

nelsona · Post by **nelsona** » Thu Jun 21, 2012 9:27 am

Any cdn can file a 1040. 1040 filers get $1000 per child credit for US citizen children.

taxeve · Post by **taxeve** » Fri Feb 20, 2015 12:26 pm

Re: 8938. I have Signature Authority (Bank Power of Attorney) over the bank account belonging to another individual. Must I report that other person's bank account on my 8938? It is not a Joint Account.
I know such reporting in required on the FBAR but there is no mention of Signature Authority in the Instructions for the 8938.
Thanks.

nelsona · Post by **nelsona** » Fri Feb 20, 2015 12:34 pm

I would not. FBAR, yes; Asset, no.

Serbinski Accounting Firms

Signature authority or joint account?

Signature authority or joint account?

Form 8938 Signature authority over bank account