The Foreign Bank and Financial Accounts (FBAR) reporting deadline is June 30, 2016 for the 2015 calendar year and penalties for non-compliance are con
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.
The FBAR form has to be received and accepted by FinCEN (Financial Crimes Enforcement Network) before midnight EDT on June 30, 2016 in order to be considered to have been filed on-time. There is no extension. As many are experiencing a delay in having the FBAR form received and accepted by FinCEN, prompt filing is recommended.
For more information, contact your KPMG adviser.
Information is current to June 21, 2016. 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.