Foreign Bank Accounts

An LLC is a US person and as such has to file FBAR's if it's aggregate foreign accounts exceed $10,000

You have to be really careful with foreign accounts & assets.


For Canada:

"Canadian resident individuals, corporations and trusts that, at any time during the year, own specified foreign property costing more than $100,000;"

For US

If a US Person (includes individuals, corporations and trusts) holds over $10,000 (aggregate) in non-US assets (bank accounts) then it needs to report.

"FAILURE TO FILE THE FBAR. The failure to timely file the FBAR can be subject to civil penalties and possibly criminal sanctions (i.e., imprisonment). The statutory civil penalties might be $10,000 per year for a non-willful failure but a willful failure to file could, by statute, be subject to civil penalties equivalent to the greater of $100,000 or 50% of the balance in an unreported foreign account, per year, for up to six tax years.[ii] Non-willful penalties might be avoided if there is “reasonable cause” for the failure to timely file the FBAR."