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  1. @Francie,

    Definitely not OVDP. That is like using nuclear bombs to get rid of a few ants. 🙂

    You are correct that you do not have any additional taxable income for Federal purposes. States (I’m looking at you, California) have a different opinion about this, unfortunately.

    You are right on the FBAR. Keep reporting it.

    You are right on the 8938. Watch the filing threshold for the reporting on Form 8938. It sounds like you are OK on that, for the moment.

  2. My husband is a US resident/legal alien, but still a Canadian citizen. He has lived and paid taxes in the US for the past 20 years. He has an RRSP (in his name only) that he opened before moving here. It’s current value is just over $30k. The RRSP contains CDs, which mature every 5 years or so and roll over automatically. Net increase for the account was about $500 per year. We just filed the FBAR for 2014, but we’ve never filed an 8938 since the amount of the account is under $50k. We have also not claimed any income from this account. I didn’t think it was income since it’s within the RRSP, but it seems like it’s not that simple. At this point, what do we need to do to fix both the IRS reporting and FBAR situations? Do we need to amend any tax returns even the though the account was under $50K? Should we file delinquent FBARS? Do we need to do a OVDP? How can we fix everything?

  3. Thanks for your advice on the Delinquent FBAR Submission Procedure. I am a US citizen and have had a RRSP (over $10K) sitting in Canada since moving to the US in 1994. I understand from other blogs that there is a Statute of Limitations of 6 years for delinquent FBAR submissions – should I file late FBAR for the last 6 years only , or for the last 20 years? Thanks for any advice

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Tax laws change over time, and the information in this post above may be less accurate today than it was at the time of the last revision. This post is not tax advice for your specific situation. Please contact an international tax professional to get personalized advice for your situation.