Do I have to report my Canadian RRSP on the FBAR?
Yes, a Canadian Registered Retirement Savings Plan (RRSP) is a reportable foreign financial account on the FBAR. The U.S.-Canada Tax Treaty defers U.S. income tax on RRSP growth until distribution, but that treaty deferral does not remove the FBAR (or Form 8938) reporting obligation.
RRSP FBAR reporting essentials:
- FBAR threshold: RRSP balance counts toward the $10,000 aggregate
- Maximum value: Report the highest CAD balance, converted to USD at the Treasury year-end rate
- Account identification: Name of institution, account number, address
- Individual plan: Each spouse files separately on their own RRSP
RRSP on Form 8938 (FATCA):
- Included in foreign financial assets
- Different thresholds: higher than FBAR, depending on filing status and residence
U.S. tax treatment of RRSP:
| Event | U.S. tax treatment |
| Contribution | No U.S. deduction (treaty prevents double deduction) |
| Growth while working | Deferred under Article XVIII |
| Distribution | Taxable as ordinary income in year received |
| Canadian tax withheld on distribution | Creditable via FTC on Form 1116 |
No Form 8891 needed:
- Form 8891 was retired in 2014. Treaty deferral is now automatic for RRSPs/RRIFs
- FBAR and Form 8938 reporting still required
Watch out for:
- Lump-sum distribution treatment under the treaty
- Cross-border beneficiary issues if the plan holder dies
For FBAR reporting help, see our FBAR Reporting Guide.
Last updated on April 29, 2026
