I thought I was exempt from filing because of the accounts being less than $10K or in an rrsp. But now I hear otherwise from a colleague that the 10k threshold is not per person.
THe details: I'm US citizen/resident who moved from canada in the 90's
my wife worked in canada in the mid 90's. Has a $20K RRSP in her name.
I have an account worth $9000 in a mutual fund. (It was $2000 when I left canada in 1990.) I pay canadian tax that is withheld and don't report income or claim any deduction on the tax.
When I first moved it was taking as long to do the special forms to report this as the rest of my taxes. I did it for a couple of years but it wasn't making a significant difference - so I stopped.
Looking for advice on the procedures to rectify the situtation.
how to correct unreported accounts with fbar
Moderator: Mark T Serbinski CA CPA
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