Do I Need to File These Forms?

Foreign reporting requirements are confusing, and the penalties for missing one are steep. Use this quick guide to see which forms might apply to your situation. This isn’t a substitute for a real review, but it’s a fast way to know what to ask about.

FBAR (FinCEN Form 114)

Ask yourself: Did you have $10,000 or more, combined, across all your foreign financial accounts — checking, savings, TFSA, RRSP, foreign brokerage — at any point during the year, even for one day?

If yes → You likely need to file an FBAR. Learn more →

If no → You likely don’t need to file, but revisit this each year as balances change.

Form 8938 (FATCA)

Ask yourself: Do your foreign financial assets exceed the reporting threshold for your filing status (thresholds are higher than FBAR’s, and vary by whether you live in the US or abroad)?

If yes → You likely need to file Form 8938 in addition to your FBAR.

Not sure of the exact threshold for your situation? This is worth a direct conversation — the thresholds are more complex than FBAR’s flat $10,000 rule.

Form 8621 (PFIC Reporting)

Ask yourself: Do you own foreign mutual funds, a foreign-domiciled ETF, a TFSA, or any pooled foreign investment account?

If yes → You likely have PFIC reporting obligations. Learn more →

If unsure whether your specific holdings qualify → This is one of the most commonly missed filings — worth checking directly.

Form 5471

Ask yourself: Do you own 10% or more of a foreign corporation, or serve as an officer/director of one with US ownership?

If yes → You likely have a Form 5471 filing requirement, and the category of filer affects what’s required.

Form 3520

Ask yourself: Did you receive a gift or inheritance from a foreign person exceeding $100,000 in a year, or are you involved with a foreign trust?

If yes → You likely need to file Form 3520.

Not Sure? That’s Normal.

Most people don’t know the answers to these questions with full confidence, and that’s exactly why these forms get missed. If you answered “yes” or “not sure” to any of the above, the next step is a quick conversation, not a guess.