I just realized I might have done a big mistake by not reporting RRSPs and TFSA on my last two US/California tax reports (2012 and 2013). What would be the procedure to get compliant?
Situation:
- Canadian citizen, US resident on TN-1 since 2012
- 4 RRSPs, 3 from employers and 1 personal
- 1 TFSA in a savings account
None of that was reported as I tought it was all protected under the tax treaty (is it?). I still have them all. Now the more I read about it, the more it confuses me. And with RP 2014-55 (discussed [url=http://forums.serbinski.com/viewtopic.php?t=8824]here[/url]) it seems to be changing.
Any advice welcomed :)
After RP 2014-55, how would I fix unreported RRSPs & TFS
Moderator: Mark T Serbinski CA CPA
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RP 2014-55 has nothing to do with TFSAs, so you are still in a pickle there.
But if you filed a 1040 in 2012 and 2013, RP basically lets you of the hook.
You just need to follw FBAR rules going forward, I believe.
But if you filed a 1040 in 2012 and 2013, RP basically lets you of the hook.
You just need to follw FBAR rules going forward, I believe.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing