Do I Need to File These Forms?

Foreign reporting requirements can get complicated quickly, and the penalties for missing a required filing can be significant.

This guide is designed to help you identify which forms may apply to your situation and give you a better idea of what to ask about. It isn’t a substitute for a full tax review, but it’s a helpful place to start.

FBAR (FinCEN Form 114)

Ask yourself: At any point during the year, did the combined value of all your foreign financial accounts exceed $10,000 — even for one day?

This may include foreign checking and savings accounts, TFSAs, RRSPs, and foreign brokerage accounts.

If yes → You may have an FBAR filing requirement.
If no → You may not need to file an FBAR, but it’s important to reassess each year as account balances change.

Learn more about FBAR reporting →

Form 8938 (FATCA)

Ask yourself: Do your foreign financial assets exceed the reporting threshold for your filing status?

Unlike the FBAR’s $10,000 threshold, Form 8938 thresholds vary depending on factors such as your filing status and whether you live in the United States or abroad.

If yes → You may need to file Form 8938 in addition to an FBAR.

Not sure? That’s common. Because the thresholds vary by situation, this is one area where a direct review can be helpful.

Form 8621 (PFIC Reporting)

Ask yourself: Do you own foreign mutual funds, foreign-domiciled ETFs, a TFSA, or another pooled foreign investment?

If yes → You may have PFIC reporting obligations.

PFIC rules are one of the most commonly overlooked areas of international tax reporting, particularly when investments were purchased through a foreign financial institution.

Not sure whether a specific investment qualifies? It’s worth checking before assuming it doesn’t.

Learn more about PFIC reporting →

Form 5471

Ask yourself: Do you own 10% or more of a foreign corporation, or are you an officer or director of a foreign corporation with U.S. ownership?

If yes → You may have a Form 5471 filing requirement.

Form 5471 has multiple filer categories, and the information required depends on your ownership, role, and the structure of the foreign company.

Form 3520

Ask yourself: Did you receive a significant gift or inheritance from a foreign person, or are you involved with a foreign trust?

For certain foreign gifts, reporting requirements may apply when the total received exceeds $100,000 during the year.

If yes → Form 3520 may be required.

Foreign trusts and foreign gifts have their own reporting rules, so this is another area where the details of your situation matter.

Not Sure? That’s Normal.

Most people don’t know the answers to all of these questions with complete confidence.

Foreign accounts, overseas investments, dual residency, foreign companies, and international family finances can create filing requirements that aren’t obvious — especially if your previous preparer didn’t regularly work with international tax.

If you answered “yes” or “I’m not sure” to any of the questions above, you don’t need to guess.

A quick conversation can help determine which forms actually apply to your situation and what the next step should be.

Schedule a Consultation Today!