Yes—get at least two itemized second opinions before accepting this CAD 30,000 quote, because it is far above published routine-filing examples unless your case includes substantial extra forms or legal-risk work.

Filing delinquent FBARs

Filing an FBAR late or not at all is a violation and may subject you to penalties. If the IRS hasn’t contacted you about a late FBAR and you’re not under civil or criminal investigation by the IRS, you should file late FBARs as soon as possible to keep potential penalties to a minimum. Follow these instructions to explain your reason for filing late. If you’re using a compliance option, such as the Streamlined filing compliance procedures, follow the instructions for the specific compliance option.

Substantial presence test

You will be considered a United States resident for tax purposes if you meet the substantial presence test for the calendar year. To meet this test, you must be physically present in the United States (U.S.) on at least: 31 days during the current year, and 183 days during the 3-year period that includes the current year and the 2 years immediately before that, counting: All the days you were present in the current year, and 1/3 of the days you were present in the first year before the current year, and 1/6 of the days you were present in the second year before the current year.

Eligibility

The streamlined filing compliance procedures (“streamlined procedures”) describe below are available to taxpayers certifying that their failure to report foreign financial assets and pay all tax due in respect of those assets did not result from willful conduct on their part. If the IRS has initiated a civil examination of taxpayer’s returns for any taxable year, regardless of whether the examination relates to undisclosed foreign financial assets, the taxpayer will not be eligible to use the streamlined procedures. Similarly, a taxpayer under criminal investigation by IRS Criminal Investigation is also ineligible to use the streamlined procedures.

Scope and penalty

U.S. taxpayers (U.S. citizens, lawful permanent residents, and those meeting the substantial presence test of IRC section 7701(b)(3)) eligible to use the streamlined domestic offshore procedures must (1) for each of the most recent 3 years for which the U.S. tax return due date (or properly applied for extended due date) has passed (the ‘covered tax return period’), file amended tax returns, together with all required information returns (e.g., Forms 3520, 3520-A, 5471, 5472, 8938, 926, and 8621), (2) for each of the most recent 6 years for which the FBAR due date has passed (the ‘covered FBAR period’), file any delinquent FBARs (FinCEN Form 114, previously Form TD F 90-22.1), and (3) pay a Title 26 miscellaneous offshore penalty. The Title 26 miscellaneous offshore penalty is equal to 5 percent of the highest aggregate balance/value of the taxpayer’s foreign financial assets that are subject to the miscellaneous offshore penalty during the years in the covered tax return period and the covered FBAR period.

Non-residency requirement and penalty treatment

Individuals who are not U.S. citizens or lawful permanent residents, or estates of individuals who were not U.S. citizens or lawful permanent residents, meet the applicable non-residency requirement if, in any one or more of the last three years for which the U.S. tax return due date (or properly applied for extended due date) has passed, the individual did not meet the substantial presence test of IRC section 7701(b)(3). A taxpayer who is eligible to use these Streamlined Foreign Offshore Procedures and who complies with all of the instructions outlined below will not be subject to failure-to-file and failure-to-pay penalties, accuracy-related penalties, information return penalties, or FBAR penalties.

How non-resident contributions are taxed

Non-resident contributions are taxed in Canada at a rate of 1% per month for as long as the contribution remains in the account. Withdrawing only part of the non-resident contribution does not reduce your tax owing, you must remove all of it. If your non-resident contribution also exceeds your available TFSA contribution room, the CRA can impose two separate 1% monthly taxes on your TFSA.

How to report non-resident contributions

Submit your TFSA Return, any additional forms, and your payment to the CRA by June 30 of the calendar year after the year the tax applies. TFSA Return (Form RC243) Schedule B – Non-Resident Contributions to a TFSA (RC243-SCH-B)

207.06(1)

207.06 (1) If an individual would otherwise be liable to pay a tax under this Part because of section 207.02 or 207.03, the Minister may waive or cancel all or part of the liability if (a) the individual establishes to the satisfaction of the Minister that the liability arose as a consequence of a reasonable error; and (b) one or more distributions are made without delay under a TFSA of which the individual is the holder, the total amount of which is not less than the total of (i) the amount in respect of which the individual would otherwise be liable to pay the tax, and (ii) income (including a capital gain) that is reasonably attributable, directly or indirectly, to the amount described in subparagraph (i).

Who Must File

A separate Form 8621 must be filed for each PFIC in which stock is held directly or indirectly.

Sections 4 and 5.04

Applicable tax-favored foreign trust means a tax-favored foreign retirement trust as defined under section 5.03 of this revenue procedure or a tax-favored foreign non-retirement savings trust as defined under section 5.04 of this revenue procedure. Tax-Favored Foreign Non-Retirement Savings Trust. For purposes of this revenue procedure, a tax-favored foreign non-retirement savings trust means a foreign trust for U.S. tax purposes that is created, organized, or otherwise established under the laws of a foreign jurisdiction (the trust’s jurisdiction) as a trust, plan, fund, scheme, or other arrangement (collectively, a trust) to operate exclusively or almost exclusively to provide, or to earn income for the provision of, medical, disability, or educational benefits, and that meets the following requirements established by the laws of the trust’s jurisdiction.

How Much Does It Cost?

We offer a flat fee of $600 to assist with the delinquent FBAR submission. This fee is the same no matter how many foreign accounts you need to report.

Service pricing

Our flat-fee Streamlined Filing Package ($1,750) includes: Preparation of three years of delinquent federal tax returns Filing of six years of FBARs (up to 5 accounts per form) Assistance with Form 14653 certification

IRS Streamlined Procedure

IRS Streamlined Procedure Starting at $1,860 The three most recent missed federal returns Up to six years of Foreign Bank Account Reports *All fees are in USD.

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