Generally, any "United States person" (U.S. person) who has a financial interest in or signature or other authority over any foreign financial account (including Canadian Registered Retirement Savings Plans (RRSP), Registered Education Savings Plans (RESP) and Tax-Free Savings Accounts (TFSA)) must file the FBAR form if the aggregate value of the financial accounts exceeds US$10,000 at any time during the calendar year.
Previously, the IRS released instructions and a questionnaire on its streamlined FBAR relief procedures. These procedures are intended to help certain U.S. citizens and dual citizens, including accidental Americans, residing outside the U.S. who have not kept up with their U.S. tax filings to become compliant with their U.S. personal tax and other filing requirements without facing penalties or additional enforcement action.
For more information, contact your KPMG adviser.
Information is current to June 18, 2013. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500