5 thoughts on “What is FBAR? I know what FUBAR means, but not FBAR.”

  1. i actually have a question for you and its regarding 1099 reporting on SDRRSP accounts. Most us payors are not reporting because they are of the impression that the nominee is the payor., I agree, however would like your take on this as well. I do not see that covered in your blog., any help would be greatly appreciated.

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    1. Hi Connie,

      I’m glad that you brought this up.

      As your AVP of taxation for Citi, I really pressed to have more information brought into the tax unit on the US tax reporting and I strongly felt that sending it to the US tax group was a knowledge loss for our tax department.

      I’ve sent you a lengthy breakdown of this topic and I sent it to my former staff too.

      I’m also still heavily engaged in FATCA – thank you for making me Citi’s Canadian FATCA go-to guy. Those sessions with AGF were heated but in hindsight, having the opportunity to break all 236 pages of the FATCA legislation down into English and going section-by-section with AGF proved invaluable.

      Being right and shaping the flow of FATCA requirements for Citi Canada led to an opportunity in FATCA for Citi Global out of Texas which I turned down, but continued to offer my consulting services to.

      You are an incredibly strong person with a ton of knowledge and a fighter. I wish you the best health in your battle with cancer and please email me any time you have a question! I’ll drop everything to answer.

      Warm regards,

      Warren

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  2. I always spent my half an hour to read this blog’s articles daily along with a mug of coffee, because I can picture you sitting in a coffee shop writing posts to help taxpayers understand their rights and options… Without forcing us to pay an arm and a leg.

    My hero!

    (PS Thanks for the quick phone consultation on FBAR’s. We’re fully compliant now!)

    CC

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  3. Thanks Warren for this.

    I had a bunch of clients come to me asking about US tax reporting and I was trying to get them set up and found a firm to do their US tax returns, but did not know that these FBAR’s were also due. Actually the “firm” doing the returns didn’t mention it to them either.

    Thanksfully I get another firm to step in and everyhting got filed.

    Whew.

    I just subscribed to your blog. appreciate the tips. Keep them coming.

    Sincerely,

    Cole

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