FBAR for Canadian Corporation?

lvtscds · Post by **lvtscds** » Wed Jun 15, 2011 8:08 pm

I am a dual US/CDN citizen living in Canada and in 2010 had a Canadian Corporation that I used for consulting business. All business was in Canada with no US revenue or income.

I have always filed and am up to date for my personal TD 90 FBAR reports.

Does the corporation need to file a separate FBAR? or is including the Corporate Account on my personal FBAR sufficient?

My 5471s are filed and current.

tsanaha · Post by **tsanaha** » Wed Jun 15, 2011 8:41 pm

if you read FBAR TD F 90-22.1

it says..

(b) A corporation in which the United States person owns directly or
indirectly: (i) more than 50 percent of the total value of shares of
stock or (ii) more than 50 percent of the voting power of all shares
of stock;

tsanaha · Post by **tsanaha** » Wed Jun 15, 2011 8:44 pm

i think it should be part of your FBAR which include
individual, partneership, corporation and etc..

lvtscds · Post by **lvtscds** » Thu Jun 16, 2011 10:36 am

Thanks Tsanaha. Really appreciate the great information you have provided on this forum.

ikeaidea · Post by **ikeaidea** » Thu Jun 16, 2011 12:12 pm

I don't think so. Please read the instruction for "US person". If a foreign corporation, it is not "us person" which means no need FBAR. Such as non-resident alien, no need FBAR. Right? But if u have the siginature authorization, it should be on your FBAR?

nelsona · Post by **nelsona** » Thu Jun 16, 2011 3:18 pm

However, if the owner of the corp is a US person, then FBAR applies, to the individual, if not the corporation.