Hi
I'm a Canadian citizen living in the US since 2006 (permanent resident since 2008). I have Canadian investments and when I moved, I left them there. I don't touch them. I just plan to let them ride and get money for retirement. Every year, I have received an NR4 and this year a T5008. I was doing some research today and saw on a website (not this one), that I should have filled out Schedule B on the 1040 (questions 7 & 8). Also, something about FinCEN form 114 (FBAR) and form 3520. This wasn’t a government website so I don’t know if it’s true. Is this something that should have been done all these years? Or is this only for US Citizens? Any answers would be greatly appreciated. Thank you.
Investments and income tax
Moderator: Mark T Serbinski CA CPA
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- Posts: 2
- Joined: Sat Mar 21, 2015 4:19 pm
[quote="moi"]OMG, do it, say you didn't know about it, they can fine you.....they just want to know that the money isn't being touched...[/quote]
I've been finding a lot of articles about it. It's so hard to know which forms you have to fill out. We do have a tax preparer. Guess she didn't know about this either. I read somewhere that I should go file the FBAR for the last 6 years. Supposedly there's a spot that asks why you haven't filed and one of the choices is "I didn't know I had to file" (or something to that effect). Guess, that's what I will be checking off.
I've been finding a lot of articles about it. It's so hard to know which forms you have to fill out. We do have a tax preparer. Guess she didn't know about this either. I read somewhere that I should go file the FBAR for the last 6 years. Supposedly there's a spot that asks why you haven't filed and one of the choices is "I didn't know I had to file" (or something to that effect). Guess, that's what I will be checking off.