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I have a Canadian retirement account. I did not know I needed to submit fbar and have not done so for 6 years. How do I go about this now that I am aware of it?
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posted
June 1, 2019
9:01 PM
last updated
June 01, 2019
9:01 PM
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I have a Canadian retirement account. I did not know I needed to submit fbar and have not done so for 6 years. How do I go about this now that I am aware of it?
go to www.fincen.gov and look for filing form 114. It can only be filed on-line.
However, I am not sure you need to report a pension/ retirement account--- as long as the distribution is reported and taxed. FBAR generally covers bank accounts i.e. liquid assets. FATCA ( form 8938 along with your return ) covers specified financial assets ( stocks, bonds and other financial assets that are semi liquid ) but not realestate and such long-term immobile assets.
form 114 is for the current year but you can go back if you like -- there is no tax effect for filing 114 but there is penalties ( onerous at that ) if you do not file when required to
June 1, 2019
9:01 PM
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