Foreign Bank Accounts
Resident aliens must file a disclosure document for each account in a foreign
country for which the person has an interest or signatory authority, if the
aggregate value of all accounts exceeds $10,000 at any time in the calendar
The required form is Form TD F90.22-1, Report of Foreign Bank and Financial Accounts.
The penalties for failing to file this report are rather steep. The minimum penalty
is $500 if due to negligence, but can quickly increase to $10,000 without any
willful intent, up to $50,000 for a pattern of negligent behavior, and up to
$100,000 for willful failure to file.