Bank Account TFSA, IRS reporting

stewak2 · Post by **stewak2** » Tue Feb 01, 2011 2:59 pm

I understand that IRS considers a TFSA a trust, and for USC living in Canada, all the appropriate and complex forms must be filed.
Is this true even if the TFSA is just a bank account? Last year I reported it as such and reported the interest as income to IRS as I would any other Canadian Bank account.
Assuming I'm wrong, what do I do to correct this?

nelsona · Post by **nelsona** » Tue Feb 01, 2011 9:42 pm

Yes, your TFSA is not a bank account, you just have chosen to have simple deposits in it, which doesn't change its characteristic.
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