RRSP reporting on US Form 1040

mberkman · Post by **mberkman** » Fri Aug 12, 2016 1:23 pm

I understand that a US resident is required to file IRS Form 8891 in order to avoid tax on investment income in Canadian RRSP's. Does IRS Form 8891 preclude the requirement to file Form 8938 to report specified foreign financial assets?

Also, I don't think the RRSP creates a FBAR (FinCen 114) filing requirement but would like to confirm.

Steve15 · Post by **Steve15** » Fri Aug 12, 2016 2:33 pm

8891 is no longer required.

8938 should be looked at independently.

Yes, RRSP is required on FBAR (if the aggregate value is over $10K at anytime in the year)

mberkman · Post by **mberkman** » Fri Aug 12, 2016 3:44 pm

Thank you Steve. I spoke to the IRS FBAR hotline and was surprised to know there is an FBAR requirement for RRSP's.

nelsona · Post by **nelsona** » Fri Aug 12, 2016 6:58 pm

You shouldn't have been. It is a foreign account.