RRSP reporting on tax and FBAR?

ronatusa · Post by **ronatusa** » Thu Jun 04, 2015 2:13 pm

Hello Pros ,

I have been looking around to find the answer and getting confused so looking for some guidance here.

I have RRSP saving account in Canada and wanted to know if this has to be reported in FBAR. It's a saving account so does a little interest earned also needs to be reported when filing taxes and where (if needed)?

Thanks in advance

nelsona · Post by **nelsona** » Thu Jun 04, 2015 2:20 pm

If your RRSP plus any other non-US accounts are valuesd more than 10K, then all your foreign accounts need to be reported in FBAR. if your foreign assets total more tna $100K, then your may have to file FATCA report.

The income generated internally in your RRSP is not taxable on 1040 until you take money OUT of your RRSP.

ronatusa · Post by **ronatusa** » Thu Jun 04, 2015 2:27 pm

Thanks Nelsona for the quick reply. If filing Jointly, the total asset should be $150 K to file FATCA report ?

Is "Maximum account value" end of the year value or Max value during the year?

Thanks again

nelsona · Post by **nelsona** » Thu Jun 04, 2015 3:01 pm

You can read the the FATCA rules as easily as I can for your own situation.