Serbinski Accounting Firms

Have you filed a 3520 form in the past? Have you already set up your TFSA as a foreign trust with a separate EID? If you have not, my personal recommendation would be no do not file 3520 forms just make sure to report the interest and account balances in the appropriate place in your regular return ...

Hello maskdoll Presumably you've already made your decision, but I wanted to chime in. Having gone through the same decision some years ago (and choosing to file my TFSA as a foreign trust), my recommendation would be not to file as a trust. I can speak better for the TFSA account, but the RESP may ...

An update on my situation to anyone who is interested. I called the IRS, first 5-6 times I called I went straight to busy signal, but eventually got through. After the usual long holding times and being transferred to a different person, I managed to speak to someone. The IRS rep advised me to send ...

I just received a similar penalty notice for $10,000 related to form 3520-A, tax year 2017. In my case it also relates to a TFSA. With 20/20 hindsight, I wish I'd never reported this account as a foreign trust. A closer look at the account has me seriously doubtful whether such an account qualifies ...