Guide to Filing an FBAR from Canada (2024)

6 min read

November 08, 2022

Resource CenterSupported CountriesCanada

6 min read

November 08, 2022

At a glance

Need to file an FBAR from Canada? Learn how with the expat tax experts at H&R Block.

As a U.S. citizen living and working in Canada, you may have financial reporting obligations in addition to filing U.S. taxes. One of these obligations is filing what’s commonly known as a Foreign Bank Account Report, or anFBAR(the form you actually file isFinCEN Form 114).

Below, we’ll explain the basics of what the FBAR is, whichAmericans in Canadaneed to file an FBAR, and how to file an FBAR from Canada. Ready to file? Get started now!

File on my own

File with an advisor

Who in Canada must file FinCEN Form 114 (the FBAR)?

FinCEN Form 114 (the FBAR) is formerly called the Report of Foreign Bank and Financial Accounts. It exists to help the U.S. government be sureAmericans in Canada(and elsewhere in the world) are being honest about their worldwide income and assets. If you qualify, you submit it yearly.

Who in Canada must file FinCEN Form 114?You must submit FinCEN Form 114 if you’re a U.S. citizen or Green Card holder and you’ve held acombined$10,000 or more in non-U.S. accounts at any one time in the tax year. This includes Accidental Americans andU.S./Canada dual citizens.

So, if you’re a U.S. citizen and have $9,000 in a Quebec checking account and another $9,000 in aforeign pensionor a Canadian Tax-Free Savings Account (TFSA), you’d file an FBAReven though each account held under $10,000.

One question we hear from our clients in Canada is“Can I file an FBAR myself?”The answer is yes, even if you live in Canada you can still file an FBAR yourself online.

You can do this by using eitherFinCEN’s BSA e-filing system(no help available if needed)or you can simply add on an FBAR to yourexpat tax packageand get it all done in one go.

How to file an FBAR and expat taxes together while in Canada

If you need to file both your U.S. taxes and your FBAR from Canada, then choose to file your FBAR and expat taxes together. These are the FBAR instructions to file with your taxes:

Head over to ourWays to Filepage, choose to file taxes yourself or with an advisor, register online and complete your tax organizer.
H&R Block makes it simple to file your expat taxes and FBAR together from Canada. After you choose to either file yourself or file with an advisor, you’ll be able to register an account. From there, you’ll complete your personal Tax Interview. This is where you provide information about your tax and financial situation, including information regarding your FBAR. After you have recorded all your information, you’ll get a personalized checklist of documents to upload according to your specific situation.
We’ll assign you the right advisor for your situation (if you choose to file with an advisor)
If you choose to file with an advisor, we will match you with one well-versed in U.S./Canada expat taxes. Your advisor will review your documents and FBAR and begin your return and FBAR submission.
We prepare your U.S. tax return and FBAR
Even though you’re currently living in Canada, you can trust H&R Block Expat Tax Services for all the following:
- Federal tax preparation and filing
- State tax return preparation and filing
- FBAR filing (Report of Foreign Bank and Financial Accounts)
- Past-due FBAR and tax returns from prior years, including Streamlined Compliance filings
- Free extension filing
- H&R Block’s 100% Accuracy Guarantee
Pay for and review the FBAR and return.
When your FBAR and tax return are completed, you’ll see your FBAR filing cost and be asked for payment via your client portal. Know that protecting your information is important to us — we maintain the physical, electronic and procedural safeguards to protect the information you submit to us.
After you pay, your H&R Block Expat Tax Advisor can walk you through your FBAR and return, answer your questions and offer relevant tax savings tips for next year.
We file your return with the IRS and FBAR with FinCEN.
Finally, we’ll file your completed return with the IRS and FBAR with FinCEN. After filing, your tax return and FBAR will be stored in your secure online account, where it will be safe and easy to access, whenever you need.

Ready to get started? Head on over to ourExpat Tax pageto begin.

FBAR (FinCEN 114) filing requirements and due date

Regardless if you live in Canada, your FBAR due date for the calendar year you’re reporting is the same as your U.S. tax filing deadline, but you can always see up-to-date deadlines on ourexpat tax deadline page. If you’re required to file an FBAR, you must file one every year.

FBAR requirementsare pretty detailed, so have these documents and information handy for a smooth submission process:

Legal name on the foreign account(s)
Type of account
The name and address of the institution or other person with whom the account is maintained
The maximum value (converted to USD using the end of year exchange rate) in each account during the FBAR reporting period
The number and/or other designation of the account

FBAR filing cost

Filing your FBAR with H&R Block Expat Tax Services will help save you time and won’t break the bank.Starting at $49, you can file an FBAR as an add-on to yourDIY tax preparation.

When youadd FinCEN Form 114 to your assisted tax return,FBAR filing costs $99and includes the same attention to detail and 100% Accuracy Guarantee as our Expat Tax Prep Services.

What if I live in Canada and I’ve never filed an FBAR before?

Yikes! If you live in Canada and it turns out you’ve accidentally skipped filing your FBAR in years past, don’t panic. Submitting a Foreign Bank Account Report isn’t exactly an everyday occurrence, and it’s easy to overlook if you weren’t aware of compliance laws.

If you live in Canada and were honestly unaware of your FBAR filing requirement, the time to act is now.The IRS and FinCEN have a few disclosure programs that offer amnesty to Americans who have made an honest mistake in overlooking their filing obligations, includingStreamlined Filing Compliance Procedures.

Streamlined compliance procedures allow Americans in Canada (and elsewhere in the world) get caught up on back taxes and delinquent FBARs with amnesty in order to avoid the large penalties that come from willfully not filing— penalties that can range anywhere from a few hundred dollars to afew hundred thousand dollarsfor serious offenders.All in all, it makes financial sense to be sure you’re up to date on all your reporting requirements.

If this all seems overwhelming, don’t stress — we’ve got your back. When catching up on multiple years of FBAR filings, choose tofile your taxes and FBAR with an advisor,and our international tax advisors can help you decide on the best course of action for your unique situation.

Unsure how to file an FBAR from Canada or if you need to? H&R Block’s Expat Tax Services has your back.

Need help filing your FBAR or expat taxes from Canada? Don’t stress —taxes for expats in Canadaare complicated, but H&R Block Expat Tax Services has your back. Get started andfile your U.S. taxes and FBAR together.

See what expats have to say about their experience with us.

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H&R Block Expat Tax has always been fast, efficient and answers my questions. For 10 years I filed everything myself and never received a refund. Now I get a big refund every year! Wish I had known sooner. I highly recommend HRB Expat Tax.

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H&R Block U.S. Expat Tax Services does a really great job! Fast and reliable. Tax Organizer was very easy to use. And what I really like most is very quick and precise answers whenever you have a question. Thank you!

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I have been using H&R block for a few years now. I live abroad, but don't make a lot of money. Filing with H&R block is as painless as doing taxes gets and my Advisor is wonderful and answers all my questions.

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No one offers more ways to get tax help than H&R Block.

Easy online filing designed for expats. Experienced experts if you need them. Get your taxes done in the way that’s right
for you.

Ways to file

As someone deeply entrenched in the realm of expat taxes and financial compliance for U.S. citizens abroad, I've spent years navigating the intricacies of FBAR filings and international tax obligations. The regulations surrounding the Foreign Bank Account Report (FBAR), also known as FinCEN Form 114, are a fundamental aspect of financial reporting for U.S. citizens residing in countries like Canada.

The FBAR essentially serves as a tool for the U.S. government to ensure that citizens abroad are transparent about their global income and assets. Specifically, if you're a U.S. citizen or Green Card holder residing in Canada and hold a combined total of $10,000 or more in non-U.S. accounts at any point during the tax year, you're required to file the FBAR annually.

Moreover, the filing process from Canada involves specific guidelines that include both U.S. tax obligations and the FBAR. There are options to file independently online through FinCEN's BSA e-filing system or to incorporate the FBAR within an expat tax package with companies like H&R Block, streamlining the entire process.

H&R Block's Expat Tax Services, for instance, not only assists in preparing and filing federal and state tax returns but also handles FBAR submissions. They offer comprehensive support, including addressing past-due FBARs and tax returns from previous years through programs like Streamlined Filing Compliance Procedures.

The FBAR filing deadline aligns with the U.S. tax filing deadline, necessitating an annual submission if you meet the criteria for filing. Detailed documentation, such as account information, maximum values, and account specifics, is crucial for a seamless submission process.

For those unaware of their FBAR obligations or individuals who might have overlooked previous filings, there are disclosure programs like the Streamlined Filing Compliance Procedures, providing amnesty for inadvertent non-compliance.

H&R Block's service not only assists in FBAR filings but also offers guidance and support for individuals navigating multiple years of overdue FBAR submissions, providing tailored advice for each unique situation.

And if you're curious about how this process works in other countries, like the UK, Australia, France, Germany, or Japan, similar principles and regulations apply, albeit with nuances in local tax laws and reporting requirements.

The testimonials from expats utilizing H&R Block's services showcase the efficiency, accuracy, and relief experienced when managing complex tax obligations while residing abroad.

Ultimately, whether you're filing independently or seeking professional assistance, understanding and complying with FBAR requirements as a U.S. citizen living in Canada is crucial for financial transparency and avoiding potential penalties.

Feel free to ask for any specific details or clarifications regarding FBAR filings, U.S. tax obligations for expats, or related financial compliance matters!