# First FBAR filing



## cdnynkee

A little history first. 
Just found out in mid-2011 I should have been filing tax returns. I called the IRS and was told that based on my income I needed to file a 1040 and the 2555 EZ for 2006 - 2011 which I did.

Fast forward to 2012 and I find out that I should have also filed Schedule B to report my foreign accounts and Form 8891 for my Canadian RRSP. Did not need to file Form 8938 as my Canadian RPP is WELL below the threshold of $200,000. I also should have been filing FBARS too

Two weeks ago I mailed in 1040x for 2005 - 2011 with the Schedule B and Form 8891 attached to each with an explanation that I did not know I needed to complete them. I also mailed my 2012 return with the correct forms.

I have been frantically hunting down and collecting lost bank statements, etc. to complete the FBARS and submit them. I finished them all last weekend 2006-2012 and was getting ready to mail them in when I then found out they had to be electronically filed!!!  I registered last night and finally got my log-in this morning. 

So tonight I log-in with full-intentions of submitting 6 years worth of FBARs but by the time I got the first one all typed in (I have an individual bank account, 2 life insurance policies, an RRSP and an RPP and 2 joint bank accounts with my husband who is a Canadian citizen) I realized that it would take forever to enter all 6 years so I just submitted for 2012. I used the explanation that 'I did not know I had to file'. 

Do you think the one year will be enough or should I go back in and input the information for the other years? :fingerscrossed:

Thanks for any help you can give me.


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## Bevdeforges

Just keep filing those FBARs going forward (i.e. for 2013 and future years) and see what happens. Despite all the scary language about $100,000 fines for failure to file, they most likely will contact you first if they're really concerned about getting the back FBARs and you'll have a chance to make up the difference.

Given the fact that you fall well below the FATCA threshold, however, I suspect they'll just let it go. 
Cheers,
Bev


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## cdnynkee

Thanks Bev!!!! That's what I was hoping and I think I just needed some reassurance. I have all of the other years printed off so if I needed to I have the info. 

I spent a pretty sleepless night and now maybe I can start breathing again. My husband is disabled and receives a small disability pension from the Canadian government so we live on my income. Don't know what we would do if I had to pay fines!!! Our accounts are so small that there isn't any interest income to claim. 

My next worry is FATCA and hopefully it doesn't interfere with having my name on our bank accounts as we have a mortgage we are paying off that is coming due for renewal in 2015. 

One thing at a time I guess!!! 

Thanks again Bev!!


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## Nononymous

If it helps you sleep, go read what Flaherty said last year - Canada will not help the US collect FBAR fines (or tax penalties incurred by dual citizens, for that matter). In the very, very, very unlikely event that any kind of FBAR penalties were assessed, you could safely ignore them if you have no US assets.


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## cdnynkee

Unfortunately I am not yet a dual citizen - I am working on getting my Canadian citizenship mainly because with my children and now grandchildren being Canadian I decided it was about time I was too. 

Although I've lived in Canada since 1977 I hadn't done it earlier because I hadn't wanted to give up my US citizenship by becoming one and then it became a non-issue for many years and when things changed that it didn't affect my US citizenship I wasn't really thinking about it anymore. When my first grandson was born last year then I realized that it was silly that I had put it off for so long. 

As for US assets I have never had any before now. My father passed away earlier this year and as soon as the estate is closed I will have a share (along with my 7 siblings who are all US residents) in an LLC that owns real estate. None of us are in the position to buy anyone else out and we aren't interested in selling it just yet for many reasons.


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