During 2020, Simon Taylor, a Canadian resident, has a bank account at the Bank of Scotland. The balance ranged from £4,000 to £52,000 during the year and has a balance of £41,000 on December 31, 2020. Interest on the account for the year totalled £1,000. In 2019, he made a two year interest free loan of £145,000 to his brother-in-law, who is a resident of Scotland. No formal loan agreement was involved. Assume 1£ = $1.70 for 2019 and 2020. Describe the foreign investment reporting obligations that Simon has for 2020 and provide the information required.