Dates and location
Pricing
Hours
Dates and location
Pricing
Hours
Description
Foreign asset reporting continues to be one of the highest-risk compliance areas for U.S. taxpayers living in Canada and elsewhere outside the United States. While many practitioners understand the basic filing requirements for the Report of Foreign Bank and Financial Accounts (FBAR) and Form 8938 (Statement of Specified Foreign Financial Assets), significantly fewer appreciate the complex ownership rules, valuation challenges, reporting overlaps, penalty exposure, and practical issues encountered in real client situations.
This intermediate-to-advanced course moves beyond the filing thresholds to examine complex reporting scenarios involving jointly owned assets, Canadian corporations and trusts, registered plans, signature authority, foreign pensions, and entity ownership. Participants will also learn how FBAR and Form 8938 interact with other international information returns and how to identify common compliance risks before they become costly penalty issues.
Various examples and mini-cases will be covered as part of the course.
Learning Objectives
By the end of this course, participants will be able to:
- Distinguish between the reporting requirements for FBAR and Form 8938.
- Determine when assets are reportable under one or both reporting regimes.
- Apply ownership, beneficial ownership and signature authority rules in complex situations.
- Evaluate reporting obligations involving Canadian financial accounts, corporations, partnerships, trusts and registered plans.
- Understand the interaction between FBAR, Form 8938 and other U.S. international information returns.
- Recognize common reporting errors, penalty exposure and practical compliance strategies.
| Session | Content |
|---|---|
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Module 1: FBAR and Form 8938 Beyond the Basics |
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Module 2: Complex Foreign Asset Reporting Issues |
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Module 3: Practical Issues and Considerations |
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Key Takeaways
Upon completion of this course, participants will be able to:
- Navigate complex FBAR and Form 8938 reporting issues with greater confidence.
- Distinguish between ownership, beneficial ownership and signature authority reporting.
- Identify reporting obligations involving Canadian financial products and business entities.
- Coordinate FBAR and Form 8938 with other U.S. international information returns.
- Recognize situations that present heightened penalty exposure.
- Implement practical procedures to improve the accuracy and efficiency of foreign asset reporting.
Who Will Benefit
- Accountants and non-accountants
- Tax practitioners and Advisors
- No pre-requisites
How to Access the Course
To access your course, visit the CPA Ontario Blackboard site and sign in using the same username and password used for the Registration Portal. You can also access your course through the Blackboard Learn app (iOS or Android).
Important: Course access begins on the date of purchase and remains available for the Access Time specified for the course under Dates and Location. Please review the access time before purchasing. Note that it may take up to 15 minutes after registration for the course to appear in Blackboard.
Registration, cancellation, withdrawal, and other CPA Ontario PD policies can be found here.
Speaker(s)
Babar Khan is an experienced cross-border tax professional with over 14 years of experience in US & Canadian tax compliance and advisory work. He specializes in taxation for Expatriates, Business Travelers, High Net Worth Individuals and Owner-Managed businesses. Babar also teaches at Canada’s Schulich School of Business and CPA Ontario. Babar holds an MSc (Tax) from University of Oxford (UK), an MBA from Schulich School of Business and a BBA from University of Toronto. He is also a dual US and Canadian CPA. Babar also serves on the board of a UK based EdTech company.