La Quinta, CA
(760) 895-3516

Saturday, April 18, 2015

FBAR Canadian Exchange Rate

The Canadian Dollar took a nosedive this year, but that may actually help you out when it comes to filing FBARS on Canadian asset accounts.

Canadian FBAR Exchange Rate for 2014

  • The IRS states the Canadian/U.S. exchange rate at end of 2014 is 1.11580 ($0.86)
  • This is the exchange rate you will use when reporting 2014 asset accounts

Remember that you are reporting foreign asset accounts with an aggregate value of $10,000 USD or more, so that would mean  $11,158 Canadian or more.

Use the end of year exchange rates given by the IRS to figure prior year exchange rates on Canadian asset accounts that you will be filing FBARs on. 

If you need help or have any questions about filing FBARs, give Borders Bookkeeping a call.

(760) 895-3516