Any account that ever had over $10'000 USD equivalent in value in it has to be reported as an FBAR. It's been like this for years and now the IRS is cracking down hard on it. Many 'accidental americans', people who were born in america, but never really lived there are being snagged because they didn't realize they had to file tax returns with the USA. Many people are finding out that the IRS is demanding %25 of their retirement savings. It's ridiculous.
Read this article for a Canadian example:
http://m.theglobeandmail.com/news/opinio...ice=mobile
Read this article for a Canadian example:
http://m.theglobeandmail.com/news/opinio...ice=mobile