# FBAR: report 0 balance?



## byline (Dec 5, 2011)

Is an account with a 0 balance required to be reported on an FBAR? I have the minimum aggregate account balance required to file an FBAR, but one of my accounts has a 0 balance. I don't see any documentation on whether "0 balance" accounts must be reported.


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## Nononymous (Jul 12, 2011)

Unless you have reason to not want to report it, probably no harm done in reporting. They aren't going to fine you for doing so.


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## byline (Dec 5, 2011)

No, there's no reason for me to not want to report it, other than it seems superfluous. It's an account set up for when an RSP GIC matures, and that won't happen for a couple more years. Of course I'm currently reporting the GIC balance on the FBAR.

I'll go ahead and do it, even though reporting an account with a 0 balance seems ... well, unnecessary.


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## Nononymous (Jul 12, 2011)

Filing US taxes when you live in Canada is basically superfluous, so what's one more piece of paper?


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## byline (Dec 5, 2011)

Nononymous said:


> Filing US taxes when you live in Canada is basically superfluous, so what's one more piece of paper?


Oh, how I know! But you're right. It's just one of many things about this whole process that strike me as ... well, odd (to say the least). But what's one more account? *sigh*


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## Nononymous (Jul 12, 2011)

byline said:


> Oh, how I know! But you're right. It's just one of many things about this whole process that strike me as ... well, odd (to say the least). But what's one more account? *sigh*


Depending on your personal circumstances, it may make sense to cease filing before it actually starts to cost you money, or prevents you taking advantage of certain investment vehicles. The Isaac Brock Society is a good resource for anyone wishing to be non-compliant with US taxes.


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## byline (Dec 5, 2011)

I started filing when all the hoopla broke out back in 2011, and once you're on that train it's hard to get off. I consider it a yearly headache. I guess there's something to be said for being in a financial position where it's unlikely filing will ever cost me anything other than time. No real limitation on investments, since I have the usual RRSPs and never considered anything beyond that.


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## Nononymous (Jul 12, 2011)

byline said:


> I started filing when all the hoopla broke out back in 2011, and once you're on that train it's hard to get off. I consider it a yearly headache. I guess there's something to be said for being in a financial position where it's unlikely filing will ever cost me anything other than time. No real limitation on investments, since I have the usual RRSPs and never considered anything beyond that.


Canada is okay, the banks don't fuss about it or restrict what you can do. Can be a different story in parts of Europe, where a US birthplace basically excludes you from investment accounts - banks won't take the (perceived) risk of serving a US customer.


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## SoCal85 (Jan 14, 2019)

Nononymous said:


> Unless you have reason to not want to report it, probably no harm done in reporting. They aren't going to fine you for doing so.


I agree - no harm in doing so. Unfortunately, there is nothing in the rules that require you to report it or specifically exclude you from doing so when you meet the overall aggregate threshold. I would recommend reporting it if the information is available.


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## byline (Dec 5, 2011)

Yup, the information is available, and I did include it. It (as with so many things about this reporting process) just seems redundant. After all, I am currently reporting the RSP GIC. It makes more sense to me that when it matures, and is deposited into this account (the one currently with a 0 balance), that's when I would begin reporting that account. Oh well.


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