Ok
This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.
as I see it
Search found 268 matches
- Wed Jan 02, 2013 3:42 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 10 year limit for filing the T1 Adjustment Request (T1-ADJ)
- Replies: 14
- Views: 10408
- Wed Jan 02, 2013 3:40 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 10 year limit for filing the T1 Adjustment Request (T1-ADJ)
- Replies: 14
- Views: 10408
- Thu Oct 04, 2012 3:06 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Upcomung change to 8891 instructions -- URGENT
- Replies: 16
- Views: 12288
@Mach7, Not really, just a couple days ago, I just spoke to a Canadian who has been in US for long enough (with green card). He did not know RRSP/f8891, he did not know FBAR at all. He did not have much in RRSP (less than 5K), and he did send a big check to his mother to help her paying mortgage. I ...
- Thu Oct 04, 2012 1:05 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Upcomung change to 8891 instructions -- URGENT
- Replies: 16
- Views: 12288
@Mach7, If you have only RRSP issue, you should not enter OVDI anyway, but you will be treated the same even if you join OVDI. It is better for IRS that you did not join OVDI to back file your RRSP and FBAR as your case might have taken IRS resource to process your case and IRS would not get a penny...
- Thu Oct 04, 2012 12:49 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Upcomung change to 8891 instructions -- URGENT
- Replies: 16
- Views: 12288
@Mach7 No need to worry. As I have said, IRS treated RRSP non-compliance (deferral election and FBAR) very nice inside OVDI. All need is a letter to explain the reason of not make a timely election. This new policy seems to send a consistent message so they treat all the same. Highly unlikely they w...
- Thu Oct 04, 2012 12:39 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Upcomung change to 8891 instructions -- URGENT
- Replies: 16
- Views: 12288
Seeking relief inside OVDI on RRSP (both back file election tax deferral and offshore FBAR related penalty) are rather painless. It seems to me that IRS just wants to be consistent on its policy for all with RRSP (either those inside OVDI or those just file quietly). Even if later next years, some f...
- Sat Sep 29, 2012 10:01 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Urgent help on backfile 8891 and fbar
- Replies: 1
- Views: 3120
This has been discussed so many times, you can easily find on this forums. See Nelsona's comments. Here I think what you should do, You need to back file f8891 along with f1040x (even no tax due no refund) to amend return, may be also click on Schedule B (you have offshore accounts). This should be ...
- Wed Sep 26, 2012 3:30 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Late and un-filed 8891's
- Replies: 8
- Views: 5464
- Tue Jul 31, 2012 4:18 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Any idea about foreign currency gain tax?
- Replies: 11
- Views: 8075
- Fri Jun 29, 2012 2:47 am
- Forum: Canada / United States Tax & Accounting
- Topic: Backfilling 8891 + 1040x
- Replies: 4
- Views: 4098
I think he is quoting from
http://www.irs.gov/businesses/small/int ... 74,00.html
QA 54
This is IRS new OVDP 2012
http://www.irs.gov/businesses/small/int ... 74,00.html
QA 54
This is IRS new OVDP 2012
- Wed Jun 27, 2012 9:34 am
- Forum: Canada / United States Tax & Accounting
- Topic: New IRS procedures for tax compliance
- Replies: 1
- Views: 2386
I don't think they will haunt those who back file f8891/FBAR quietly --- the worst would be asking you to make a formal request of late election which has been done already in the form. It does make sense to add more work load on IRS themselves. This new procedure is part of OVDI program for those w...
- Tue Jun 26, 2012 8:56 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Nelsona Appreciation Society
- Replies: 7
- Views: 5604
Ture, IRS has finally implemented Nesolna Policy on late filing of RRSP
http://www.irs.gov/newsroom/article/0,, ... 31,00.html
http://www.irs.gov/newsroom/article/0,, ... 31,00.html
- Sat Jun 23, 2012 8:03 am
- Forum: Canada / United States Tax & Accounting
- Topic: Instead of backfile, pay tax on RRSP annually.
- Replies: 10
- Views: 8012
My understanding is that f8891 is a replacement of f3520 for RRSP. No matter you want to defer tax or not -- f8891 has to be filed. So there is no such an issue of f3520. f8891 has been the form for RRSP since 2003. Before that, it was f3520. An RRSP is a foreign trust. However, there is no reportin...
- Fri Jun 22, 2012 9:48 am
- Forum: Canada / United States Tax & Accounting
- Topic: Instead of backfile, pay tax on RRSP annually.
- Replies: 10
- Views: 8012
- Fri Jun 22, 2012 9:46 am
- Forum: Canada / United States Tax & Accounting
- Topic: Are RRSP considered securities in FBAR?
- Replies: 4
- Views: 4778