Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this2:20 pm
February 16, 2016
Offline
I'm wondering if anyone here is both a Hubert account holder and an FBAR filer. On my FBAR for 2024 I am rethinking which institution to list as the account holder. An AI search engine (Perplexity) said definitely Hubert. But since Perplexity has been wrong for me on occasion, and since the T5s come from Access, I called Hubert.
Hubert CS agent said "not sure, will check." Upon her first check in the office she said "one person said Hubert, another said Access, and I'll get back to you." That has not happened yet, so I thought I'd ask here.
Last year on the FBAR I stated the accounts as at Access. I doubt it makes much difference in the end, but being curious, I decided to look into it.
3:26 pm
April 6, 2013
Offline
It could be an issue if the IRS audits, asks for monthly statements, and the statements say "Hubert Financial". I don't see any mention of Access in my statements.
I think it is better to put "Hubert Financial" or, if you wish to mention Access, "Hubert Financial, a division of Access CU Limited".
5:14 pm
November 18, 2017
Offline
Isn't anyone going to explain what a FBAR is on this forum topic?
RetirEd
5:30 pm
October 27, 2013
Offline
RetirEd said
Isn't anyone going to explain what a FBAR is on this forum topic?
Report on Foreign Bank and Financial Accounts
https://www.greenbacktaxservices.com/knowledge-center/fbar/ and more specifically
https://www.fincen.gov/report-foreign-bank-and-financial-accounts
6:00 pm
February 16, 2016
Offline
A shortish answer: FBAR... is an online form a US-tax-responsible person must submit every year to the US government disclosing the max amount during the year, in every account ever open during the year, for which they had signing authority. It is required of US citizens no matter where on the planet they live.
There are many "accidental US citizens" (e.g. born to a US person with a specific past US presence) who are required to submit the form, but who do not know about it. Most FBAR filers (who must also file tax returns to the US each year, which is different from the FBAR) will owe zero taxes. But failure to file will incur heavy penalties against their names. Some believe that could be a problem in future years should they ever set foot in the US, even in an airport on a plane change. So far, there are no stories (of which I am aware) of people being apprehended for failure to file. So far.
The only other country on earth that expects its citizens to file a tax return no matter where they live, and no matter if they have ever set foot in the US, and also disclose their finances (whether they owe taxes or not) is Eritrea.
The good news is that if one's accumulated account balances for the year are under US$10,000, you do not need to file an FBAR. But, watch out that you do not have US$5,001 in one bank, and then for some reason move it to another bank during the year. Both amounts, even though it is the same money, will go into the formula, yielding US$10,002, and that would trigger an FBAR filing requirement.
The purpose of all this is to address money-laundering crime. It is a headache for those who must file it. It's a much smaller headache, however, than filing the US tax return, which must also be done.
6:19 pm
February 16, 2016
Offline
Thank you, Norman1. I decided to follow your suggestion. i.e. I will put "Hubert Financial, a division of Access Credit Union." I did not hear back from Hubert by day's end, but doing the above covers me.
8:37 pm
April 6, 2013
Offline
For Hubert's mailing address, I would use the Selkirk, Manitoba address given on Hubert's Contact Us page. That's also the address any Hubert-related account forms are to be mailed to.
Not sure why a Winkler mailing address is given on the 2024 T5 slip.
4:11 am
April 3, 2013
Offline
FBAR filer here. I use "Hubert/Access Credit Union." Each savings and GIC account is listed with account number. I use the Winkler address as this is on the T5. I assume this encourages less confusion when CRA and the IRS cross reference their records. (It is no fun doing the FBAR .... less fun yet filing US taxes every year)
2:41 pm
November 18, 2017
Offline
Thanks, AltaRed and ritawije, for the info.
RetirEd
3:30 pm
December 12, 2009
Offline
ritawije said
I'm wondering if anyone here is both a Hubert account holder and an FBAR filer. On my FBAR for 2024 I am rethinking which institution to list as the account holder. An AI search engine (Perplexity) said definitely Hubert. But since Perplexity has been wrong for me on occasion, and since the T5s come from Access, I called Hubert.Hubert CS agent said "not sure, will check." Upon her first check in the office she said "one person said Hubert, another said Access, and I'll get back to you." That has not happened yet, so I thought I'd ask here.
Last year on the FBAR I stated the accounts as at Access. I doubt it makes much difference in the end, but being curious, I decided to look into it.
Curious: why do you maintain U.S. citizenship, particularly in the current climate?
If I had U.S. citizenship, I would be looking into renouncing it, not just because of the current political climate but because of the global tax implications and the IRS. 
3:32 pm
December 12, 2009
Offline
Norman1 said
For Hubert's mailing address, I would use the Selkirk, Manitoba address given on Hubert's Contact Us page. That's also the address any Hubert-related account forms are to be mailed to.Not sure why a Winkler mailing address is given on the 2024 T5 slip.
Most the account processing activities and even some of the contact centre responsibilities have migrated to the Winkler office. I would probably use the Winkler address because that's where our Access membership shares are based, and is the address used on our T5s.
11:24 am
December 18, 2024
Offline
ritawije said
Thank you, Norman1. I decided to follow your suggestion. i.e. I will put "Hubert Financial, a division of Access Credit Union." I did not hear back from Hubert by day's end, but doing the above covers me.
Take a look at within your Hubert login there is a printable cheque like document. If you were an Accelerate customer you will find one for Accelerate as well as Hubert. So the official address etc. will show on that document. I have them printed and close by to make sure I am dealing with the correct account if I push/pull.
Should be same as your T4. But the account number is the most meaningful.
1:57 pm
April 6, 2013
Offline
GIC-Fanatic said
Take a look at within your Hubert login there is a printable cheque like document. If you were an Accelerate customer you will find one for Accelerate as well as Hubert. So the official address etc. will show on that document. …
Should be same as your T4. But the account number is the most meaningful.
Unfortunately, the address on that downloadable void cheque does not match.
The address on the void cheque now is the Selkirk address. The void cheque I downloaded in November 2023 has the address
171 Donald Street Box 1860 Stn Main
WINNIPEG, Manitoba, R3C3R1
The payer address on the paper 2024 T5 slip and on the T5 slip CRA has don't match! The one I recently downloaded from CRA has this address and not the Winkler address:
ACCESS CREDIT UNION LIMITED
2 - 23111 PTH 14
STANLEY, MB R6P0B1
9:25 pm
February 16, 2016
Offline
Doug, you asked "why do you maintain U.S. citizenship, particularly in the current climate?"
Good question. We talk about renouncing on a regular basis. If it were simple, we might have done it already. To us, it feels complicated, and potentially pricey. We file our own tax returns to the IRS, so I am not 100% certain they are 100% accurate. We might need to spend several thousand to have the required last five years' returns checked. The basic fee to renounce is US $2,350 each. The wait to get the required interview at a US consulate in Canada is long. To speed things up, we know people who fly off to a US consulate elsewhere in the world where interview appointments can be had sooner. That travel would be expensive.
But, we will never move back to the US. Health care in particular would be very expensive, especially given that we'd have no connections to a US employer or union with benefits. We built our house in '87, and should we sell, the IRS will want capital gains tax. (I think it would be about 20% of: the selling price, minus the cost in '87, minus the current US $500,000 exemption ($250k for each of us).) But, we've accumulated a fairly large amount of "carryover" credit with the IRS (due to the larger tax bill we have each year with the CRA than we would have with the IRS), and that credit would offset some of the capital gains owing.
So yes, we think about it. It just feels harder to do than so many of the other "getting older in an aging house" projects and challenges that occupy us. I'll stop rambling. That's my best shot at an answer this evening.
For what it's worth, politics and culture would not be issues for us. We think both countries are at once wonderful, and flawed.
8:13 am
February 16, 2016
Offline
Update on this: I had called Hubert on this matter, and the agent said "not sure, will get back to you." After 11 days of no response, I emailed them with the question again at the end of last week, and they responded later that day with:
"Please accept our sincere apologies for the delay in responding. We wanted to ensure we provided you with the most accurate information by consulting with our registered department responsible for tax slips.
They have confirmed that, for reporting purposes, you should indicate that your funds are held with Hubert Financial, located at: 233 Main Street Selkirk, MB R1A 1S1
Should you have any further questions or require additional assistance, please don’t hesitate to reach out."
Please write your comments in the forum.