Do I need to report Canadian Bank accounts...

mblain · Post by **mblain** » Thu Feb 18, 2016 2:04 am

Sorry if this has been answered in a post somewhere, I looked all over and could only find partial answers.

Basically here it is. I'm a Canadian working in the US on a TN visa for the past 3 years. I've declared my non-residence with Canada through a US/Canadian accountant which handled everything for me and had dealt with my taxes for the last couple of years.

This year I'm wondering if I need to go through a specialist for taxes since I no longer need to report to Canada and can use something like TurboTax. I still have 2 bank accounts and a RRSP account in Canada so I'm not sure if I need to fill out form 114 report of foreign bank and financial accounts and deal with all the extra work. I don't have a TFSA since I closed it upon their recommendation.

Any advice would be greatly appreciated.

nelsona · Post by **nelsona** » Thu Feb 18, 2016 3:32 pm

Yes, you do.

mblain · Post by **mblain** » Fri Feb 19, 2016 1:24 am

Thanks,

I did some more researching and understand to your confirmation that I do need to fill out form 114. Based on my basic info would it be wise to go through a specialist or tackle it myself as it seems form 114 is fairly straight forward?

I really appreciated your help on this.

Thanks for replying so quickly.

nelsona · Post by **nelsona** » Fri Feb 19, 2016 12:43 pm

FBAR filing is simple.

nelsona · Post by **nelsona** » Fri Feb 19, 2016 12:43 pm

FBAR filing is simple. Your software will even generate what you need.

mblain · Post by **mblain** » Sun Feb 21, 2016 2:13 pm

Perfect. Thanks so much for you help I really appreciate it.