Glossary
FBAR
FinCEN Form 114
An FBAR is a US Treasury (FinCEN) report of foreign financial accounts, required of US persons whose foreign accounts exceed US$10,000 in aggregate at any time during the year. It reports accounts, not real estate, and is filed separately from the income tax return.
Who it applies to: US persons (including US citizens living in Canada) with non-US bank/financial accounts over US$10,000.
Key facts
- Threshold
- US$10,000 aggregate, any time in the year
- Who files
- US persons (citizens, green-card holders, residents)
- Form
- FinCEN Form 114
- Reports
- Financial accounts, not real estate
How it works
- Add the highest balances of all your foreign financial accounts; if the total tops US$10,000 at any point, you file.
- The rent collected into a Canadian bank account counts toward the threshold.
- It is filed with FinCEN, separately from your Form 1040 income tax return.
Go deeper: FBAR for Cross-Border Owners · FBAR threshold calculator
Related terms
T1135
The form Canadian residents file to report specified foreign property — such as a US rental — when its total cost exceeds C$100,000 at any point in the year.
Schedule E
The IRS form for reporting supplemental income and loss, including rental real estate — where a Canadian reports a US rental's income and expenses.
FIRPTA
A US withholding on the sale of US real property by a foreign person — generally 15% of the gross sale price, remitted to the IRS at closing. Not a final tax.
Frequently asked questions
What is the FBAR threshold?
US$10,000 — the aggregate high balance across all your foreign financial accounts at any time during the year. Cross it and every account must be reported on FinCEN Form 114.
Does the FBAR report my rental property?
No. The FBAR reports financial accounts (e.g., the Canadian bank account your rent flows into), not the real estate itself. Foreign real estate is reported differently — for Canadians, via the T1135.
This definition is general information, not tax advice. See the full guide above and verify current rules with the CRA or IRS. ← Back to the glossary
BorderBird helps cross-border landlords track rent and prepare CRA NR4 and IRS Schedule E filings — see how it works.