FATCA Services.ca | Form 8938, Statement of Specified Foreign Financial Assets. You are required to file the 8938 when the aggregate value of your total financial assets exceed $50,000. However, the threshold may be higher in some cases.

Foreign Financial Assets to report may include:
• Financial accounts held at foreign financial institutions
• Foreign stock or securities not held in a financial account
• Foreign mutual funds
• Foreign hedge funds and foreign private equity funds


Penalties: If the form is not timely filed or contains incomplete information, and there is no reasonable cause for failing to comply, this may result in a penalty of $10,000 for each failure.

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Form 8938
8938 – Statement of Specified Foreign Financial Assets
You are required to file the 8938 when the aggregate value of your total financial assets exceed $50,000. However, the threshold may be higher in some cases. Despite similarities, 8938 reporting is separate from the reporting requirement for FBAR and is to be attached to a Canadian non-resident taxpayer’s U.S. tax return. In addition, some taxpayers may find that only form 8938 is required for their purposes and not an FBAR or vice-versa.
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FATCA Services | Foreign Account Tax Compliance Act | US back taxes services for Canadians Foreign Account Tax Compliance Act  | info@fatcaservices.ca GBCA / CPA Firm 416-626-2727 Toronto Tax Services Back Taxes Canada Owner, Gary Booth CA Professional Corp Toronto Tax Services Back Taxes Canada Owner, Gary Booth CA Professional Corp Film - Fatca (CPA Firm in Toronto, Canada) FATCA Services.ca | Form 8938, Statement of Specified Foreign Financial Assets. You are required to file the 8938 when the aggregate value of your total financial assets exceed $50,000. However, the threshold may be higher in some cases.