Free tool · US reporting
FBAR Threshold Calculator
Enter the peak USD balance of each foreign financial account during the year. The tool calculates the aggregate and tells you whether FinCEN Form 114 (FBAR) is required — and checks the FATCA Form 8938 threshold too.
⚠️ Important Disclaimer
This content is for informational purposes only and does not constitute legal, tax, or financial advice. Tax laws change frequently — always verify with the CRA and IRS or consult a qualified cross-border tax accountant before making decisions.
Foreign financial accounts
Enter the peak USD value (highest balance at any single point during the year) for each foreign financial account. FBAR uses the peak value, not the year-end balance.
USD
Aggregate peak balance
$0
✓ No FBAR required at this balance
Your aggregate peak balance is at or below the USD $10,000 threshold. FBAR is not required for this year. Note: the threshold applies to the aggregate peak across all foreign accounts at any single point during the year — not the year-end balance.
Form 8938 (FATCA): threshold not reached
FATCA reporting (Form 8938) kicks in at $50,000 for your filing status. Your current balance is below that threshold.
FBAR applies to US persons (citizens, green card holders, or residents under the substantial presence test) with foreign financial accounts. If you are a Canadian who spends significant time in the US, consult a cross-border CPA to confirm your US person status before concluding FBAR does not apply.
How the FBAR $10,000 threshold works
FBAR (Report of Foreign Bank and Financial Accounts, FinCEN Form 114) is required when a US person has a financial interest in or signature authority over foreign financial accounts whose aggregate peak balance exceeded USD $10,000 at any point during the calendar year.
- Aggregate: add up ALL foreign accounts — bank accounts, brokerage, mutual funds, RRSPs, TFSAs, GICs at foreign institutions.
- Peak: the highest combined total at any single point during the year — not the December 31 year-end balance.
- US person: US citizen, green card holder, or anyone meeting the Substantial Presence Test (183+ days in the US in the current year using a weighted 3-year formula). Canadian snowbirds who spend 4-5 months per year in the US should calculate their SPT score annually.
Accounts that must be included
- Canadian bank accounts (chequing, savings, GICs, term deposits)
- Canadian brokerage accounts (stocks, bonds, mutual funds, ETFs)
- RRSPs, TFSAs, LIRAs, RESPs held at Canadian institutions
- Any other account at a foreign (non-US) financial institution
Note: accounts where you have only signature authority (not beneficial ownership) also count. Employer accounts where you are an authorized signatory must be disclosed even if you have no personal financial interest.
Filing deadline and how to file
- Due date: April 15 each year
- Automatic extension: October 15 — no request needed. Simply file before October 15 if you miss April 15.
- How to file: electronically via the BSA E-Filing System at fincen.gov. There is no paper filing option.
- No tax owed: FBAR is a disclosure form only — it does not create a tax liability. It reports account existence to FinCEN for anti-money laundering purposes.
Penalties for non-filing
- Non-wilful: up to $10,000 per account per year
- Wilful: up to the greater of $100,000 or 50% of the account balance per account per year — and each year of non-compliance is a separate violation
- Criminal: up to $250,000 fine and/or 5 years imprisonment for wilful violations
Many Canadians who spent years working or living in the US without filing FBAR have faced significant penalty assessments. If you have years of unfiled FBARs, consult a cross-border CPA about the IRS Streamlined Filing Compliance Procedure, which allows voluntary disclosure with reduced penalties.
FAQ
Who needs to file FBAR?
Any US person — US citizen, green card holder, or person meeting the Substantial Presence Test (SPT) — who had a financial interest in or signature authority over foreign financial accounts with an aggregate peak balance exceeding USD $10,000 at any point during the year. For Canadian landlords: if you are a US person (e.g., you've spent enough days in the US to trigger SPT), your Canadian bank accounts are 'foreign accounts' for FBAR purposes.
What counts as the $10,000 threshold — peak or year-end?
The FBAR threshold applies to the aggregate peak balance — the highest combined value across all foreign accounts at any single point during the year. Not the year-end balance. If your RBC chequing peaked at $8,000 in March and your TD savings peaked at $4,000 in September (even on different days), the aggregate is $12,000 and FBAR is required.
What accounts must be included?
All foreign financial accounts: bank accounts, savings accounts, checking accounts, investment brokerage accounts, mutual funds, pooled funds, and any other account at a foreign financial institution. For Canadians with US rental property: your Canadian bank accounts (RBC, TD, BMO, Scotiabank, CIBC, etc.), Canadian brokerage accounts (Questrade, RBC DI, TD Direct, etc.), TFSAs and RRSPs held at Canadian institutions. Note: RRSPs have treaty protection from US tax, but they must still be disclosed on FBAR.
What is the FBAR deadline and how do you file?
FBAR (FinCEN Form 114) is due April 15. Unlike most IRS forms, FBAR has an automatic extension to October 15 with no request required — you simply file by October 15 if you miss April 15. Filed electronically only via the BSA E-Filing System at fincen.gov — it is not filed through the IRS like a tax return. There is no paper filing option for FBAR.
What are the penalties for missing FBAR?
Non-wilful failure to file: up to $10,000 per violation per year. Wilful failure to file: up to the greater of $100,000 or 50% of the account balance per violation per year — and each year of non-compliance is a separate violation. Criminal penalties for wilful violations: up to $250,000 and/or 5 years imprisonment. The IRS takes FBAR enforcement seriously; many Canadians who spent years in the US without filing have faced six-figure penalty assessments.
Is FBAR the same as FATCA Form 8938?
No — they overlap but are different. FBAR (FinCEN 114) is filed with the Financial Crimes Enforcement Network and has a $10,000 threshold. FATCA Form 8938 is filed with the IRS and has higher thresholds ($50,000 for single filers at year-end, $100,000 if married filing jointly). You may be required to file both for the same foreign accounts. FATCA requires more detail (account numbers, institution names, maximum values) and attaches to your federal tax return.
Do I need FBAR if I'm a Canadian resident with US rental property?
FBAR applies to US persons — if you are a Canadian citizen living in Canada who visits the US less than 183 days per year and does not hold a green card, you are generally NOT a US person and FBAR does not apply to your Canadian accounts. However: (1) if you spend significant time in the US and trigger the Substantial Presence Test, you become a US person, (2) your cross-border CPA should confirm your US person status annually. Many Canadian snowbirds who spend 4-5 months per year in the US are closer to the SPT threshold than they realize.