How to File FBAR from Canada

If you are an American living in Canada with Canadian bank accounts, you may need to file FBAR (FinCEN Form 114). This guide walks you through the process step by step, with Canada-specific details.

Who Needs to File

You must file FBAR if the aggregate value of all your foreign financial accounts exceeds $10,000 at any point during the calendar year. This includes bank accounts, investment accounts, RRSPs, TFSAs, and RESPs held in Canada or any other foreign country.

Step-by-Step Filing Process

Step 1: Identify All Foreign Accounts

List all foreign financial accounts. For Canada:

• Canadian bank accounts (RBC, TD, Scotiabank, BMO, CIBC)
• RRSPs (Registered Retirement Savings Plans)
• TFSAs (Tax-Free Savings Accounts)
• RESPs (Registered Education Savings Plans)
• Investment accounts at Canadian brokers
• Accounts in other countries

Step 2: Get Account Statements

Log in to each bank's online banking and download statements showing the maximum balance. For Canadian banks:

• RBC: Online banking → "Accounts" → "Statements"
• TD: Online banking → "Accounts" → "Statements"
• Scotiabank: Online banking → "Accounts" → "Statements"

Step 3: Convert to USD

Canada uses the Canadian dollar (CAD). Convert each account's maximum balance to USD using the Treasury Department's year-end exchange rate.

Step 4: File Electronically

FBAR is filed electronically through FinCEN's BSA E-Filing System.

Step 5: Keep Records

Keep copies for 5 years.

Deadlines

FBAR is due April 15, with automatic extension to October 15.

Common Mistakes

1. Forgetting RRSPs and TFSAs — These are reportable on FBAR even though they have special tax treatment in Canada.
2. Not aggregating across countries — If you have accounts in Canada and elsewhere, combine them.
3. Using wrong exchange rate — Use Treasury year-end rate.
4. Filing FBAR with your tax return — FBAR is filed separately with FinCEN.
5. Reporting TD US accounts — TD US accounts are domestic, not foreign. Only TD Canada accounts are reportable.

How FileAbroad Can Help

FileAbroad prepares FBAR filings for Americans with foreign accounts in Canada and other countries, including complex RRSP/TFSA reporting.

Tell me about your situation → /intake

FileAbroad explains U.S. federal tax and U.S. international information-reporting consequences of documented foreign facts. It does not provide foreign-country legal or tax representation, valuation opinions, banking or remittance advice, or advice on what a foreign authority will accept.

Scope statement reviewed 2026-08-30 · FileAbroad product/content owner