FBAR reporting on same account

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Taxpoor
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Location: Canada

FBAR reporting on same account

Post by Taxpoor » Sun Jan 13, 2013 3:30 pm

NewDual had originally posted this question but I would like to elaborate.

I have a Canadian RRSP with which I have been faithfully tabulating on my FBAR.

In september of 2012, the the funds were placed under a different account number (with the same institution).

I realize (from the previous response from Nelsona) that I have to list both account numbers on the FBAR for the RRSP.

My question is....should I include an explanation letter to the treasury when I mail the FBAR as it willl look like I have two RRSP with a substantial amount of cash when in reality it is the same RRSPt.

Phil Hogan, CA
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Post by Phil Hogan, CA » Sun Jan 13, 2013 5:59 pm

It never hurts to attach an explanation to forms that need to be filed, however in the case of FBARs it's unlikely that anyone will read or care about the note.

Probably won't hurt.
Phil Hogan, CA, CPA (Colorado)
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nelsona
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Post by nelsona » Sun Jan 13, 2013 6:40 pm

I agree with Phil: don't bother with notes, they are ignored. The purpose of FBAR is to report the existence of accounts. The values are really unimportant.

Besides, you are filing an 8891 for the account anyways. That's enough over-reporting.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

Taxpoor
Posts: 110
Joined: Thu Oct 11, 2012 9:14 am
Location: Canada

Post by Taxpoor » Mon Jan 14, 2013 1:45 pm

Thanks Nelsona, that is what I will do.

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