FBAR ,reporting help.

[honeybun]

  hi everyone,

 I am trying to figure out the FBAR  (forgein bank acct report),
I got some great  advice a few weeks ago, but I am unsure on the FBAR form.
I have $6000 in rrsp....2  separate accounts   ( 4,000 and 2,000)
hubbie has $12,000 rrsp..3 separate accounts.  (7,000 and 3,000 and 2,000)

one of his accounts does not have a beneficiary ,the remaining 2 have me has the beneficiary. ( $3000 acct has no beneficiary)
my 2 accounts show him as the beneficiary.

The FBAR has a section for accts owned separately, and another for jointly owned accounts.

my question is , since we are beneficiaries  for each other on the 4 remaining accts , does that mean they are jointly owned????
would I enter the information for the single account that is in his name only, as  accounts owned separately .???

would I enter the information for the other 4 accounts as jointly owned???? when really they are not  owned by both of us, only one is the owner and the other person is the  beneficiary???????????

or should I enter just his $12,000 as owned separately, and just give the information for the 3 accounts in his
 name.
Since I only have $6,000 I would not have to file......but he is the beneficiary of these accounts , so I include the????????????
sorry for rambling, but I am very confused.

any help advise would be great, including let the CPA take care of it ( btw...can they take care of this???)

[cpa cat]

Let me start with your last question - Yes. Your CPA can file it. It's basically just a tab on his/her accounting software. Feel free to let him do it. You just provide the information in year 1, let him know the updated balances each year, and whooosh, off it goes every year. You barely even need to think about it. Sometimes CPAs like to pretend it's complicated - mostly because professional accounting software is expensive.

To answer your other question: Beneficiaries are not owners.

Think of it this way: At any time, you can change the beneficiary on your account - because you are the sole owner. If they were actually jointly owned, you would not be able to do this.

[honeybun]

 thanks cap cat.

just so I am clear can we  just file my husbands FBAR with his $12,000,
and just leave mine  since its below the $10,000 threshold.
 so we will only file 1 INDIVIUAL FBAR for him.

sorry for a question that seems obivious, but I just want to make sure.

thanks for all your kind words  last week xxxx

[cpa cat]

Yes. You are only required to file one for your husband.

HOWEVER - if you are still uncertain, nothing bad will happen to you if you file one for yourself when your're not required to. Plenty of people file preemptive FBARs on accounts under $10,000 because they find the regulations confusing and want to ensure that they are in compliance. So if you think this is going to bother you - just file one for yourself too.

[honeybun]

  many thanks cpa cat,

  Only 1 FBAR will be filed for my husband.

I appreciate your time in replying to me.

have a great evening.