Honesty is the best policy when it comes to #offshore bank accounts http://t.co/Qr4qyQwNYm – Compare Canada's rules to US Mr. #FBAR
— U.S. Citizen Abroad (@USCitizenAbroad) August 23, 2013
An offshore account may seem like an intimidating prospect, and one that could lead to trouble if it isn’t done right.
But experts say that as long as you follow the appropriate reporting rules set out by the Canada Revenue Agency, offshore bank accounts can be a practical and, in some cases, necessary way to deal with your finances.
This article is very interesting because it confirms that there are actually legitimate reasons for a Canadian resident to have a bank account outside of Canada. Also, the reporting requirement is not triggered unless the account has a $100,000 balance.
Also compare the FBAR penalties to the penalties in Canada.
This would be a good article to comment on. Strike while the iron is hot!
Note: The article is behind the paywall. Here is the author and title:
Honesty is the best policy when it comes to offshore bank accounts
TORONTO — The Canadian Press
Published Friday, Aug. 23 2013, 12:05 PM EDT
Last updated Friday, Aug. 23 2013, 4:43 PM EDT