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, FinCEN advised that all FBAR forms, filed after June 30, 2013 must be submitted online. The electronic version of the FBAR is "FinCEN Report 114". Where taxpayers do not e-file this new form, they may be subject to a fine of $500.
The Form has considerable penalties for non-compliance, including (but not limited to) a maximum civil penalty of $10,000.
For more information, contact your KPMG adviser.
Information is current to February 04, 2014. 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.