Hello
I am a Canadian who started working in the US in 2013 and so am filing an FBAR for the first time. Several years
ago my aunt (in Canada) "added" me to one of her bank accounts - I am still in the process of trying to determine whether I am
actually a joint account holder or just a signatory to the account (the account is non-interest bearing, so I am
not concerned about reporting interest on my 1040 if it turns out I actually have a financial interest in the
account). My questions are:
1) I don't know the maximum account value - will checking the box indicating this invite further scrutiny or is it
better to estimate by putting in the current balance (I can find out the current balance of the account but don't
have access to statements showing the value over all of the last year)
2) I will leave the field asking for her TIN blank as I don't know it; should I indicate TIN type as "Foreign"
(since it must be) or leave that blank as well
3) I see I need to indicate her address despite the fact she is not and has never been a US person. Is there a
possibility that someone from the US government will attempt to contact her? I'm not trying to hide anything; I am
just concerned for her wellbeing as she is becoming very paranoid in her old age I and want to know if I should
attempt to prepare her for the possibility that this could happen.
3) In the event I am just a signatory and need to fill out the "Filer's title with this owner" field do I just put
"Nephew" or leave it blank?
Thanks for any help you can provide
FBAR form questions
Moderator: Mark T Serbinski CA CPA
1) If you can't get statements from your aunt or the bank, you could use the current balance if you are fairly sure the balance was not much higher during the year. For next year, track the balance monthly, as you say you can find the current balance.
2) Unless she has a US TIN, you need to put her Canadian Social Insurance Number as her TIN, and FOREIGN as the type. (My wife was instructed to do this when she called about her mother's accounts.)
3) Realistically, not a chance. (In theory they could, but of course nothing is ever going to happen with this report unless you have been a very bad boy/girl.)
4) If you are not a joint owner, put "Power of Attorney" as the title.
2) Unless she has a US TIN, you need to put her Canadian Social Insurance Number as her TIN, and FOREIGN as the type. (My wife was instructed to do this when she called about her mother's accounts.)
3) Realistically, not a chance. (In theory they could, but of course nothing is ever going to happen with this report unless you have been a very bad boy/girl.)
4) If you are not a joint owner, put "Power of Attorney" as the title.