Search found 29 matches

by snowbird
Sun Mar 24, 2024 9:53 am
Forum: Canada / United States Tax & Accounting
Topic: Question for RESP income report
Replies: 3
Views: 81

Re: Question for RESP income report

Thanks for your reply.
The RESP account is from Canadian Scholarship Trust Plan. By statement, we can only see "Income on principal" and "Income on grant(s)", no list for detailed activity.
by snowbird
Sat Mar 23, 2024 8:25 pm
Forum: Canada / United States Tax & Accounting
Topic: Question for RESP income report
Replies: 3
Views: 81

Question for RESP income report

For tax year 2022, my RESP account had some loss in statement. I didn't report loss in tax form.
For year 2023, it has some income comparing to year 2022, but the value is still less than 2021.
Need I report income for 2023?
by snowbird
Tue Mar 21, 2023 8:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Resident or deemed non-resident?
Replies: 5
Views: 1103

Re: Resident or deemed non-resident?

Thanks, US green card holder.
Canadian employer insists the status is residency in Canada, I don’t believe we can report as resident for both contries.
by snowbird
Tue Mar 21, 2023 3:09 pm
Forum: Canada / United States Tax & Accounting
Topic: Resident or deemed non-resident?
Replies: 5
Views: 1103

Resident or deemed non-resident?

Canadian, moved to states 10 years ago with parents, now studies in a Canadian university, rent apartment, has one Canadian account open.
Earned some money from Canadian employer, T4A is issued.
To file tax return for Canada, the status is resident or deemed non-resident?
by snowbird
Sun Mar 12, 2023 6:03 pm
Forum: Canada / United States Tax & Accounting
Topic: late reporting 3520a penalty on RESP account
Replies: 7
Views: 2078

Re: late reporting 3520a penalty on RESP account

As I understand, proc 2020-17 is applicable for open tax years. After Apr 2022, 2018 is not open tax year.
Not sure why IRS gave penalty after 3 years.
by snowbird
Wed Apr 06, 2022 8:35 am
Forum: Canada / United States Tax & Accounting
Topic: Need my son report RESP EAP in tax return?
Replies: 20
Views: 10483

Re: Need my son report RESP EAP in tax return?

I asked a local accountant, he said no need report EAP in my son's 1040. RESP is tax deferred in Canada. When cash out EAP, it's counted as Income. In US, we pay tax for RESP income every year, like stock capital gain and deposit interest, distribution from RESP shouldn't be treated as income for du...
by snowbird
Tue Apr 05, 2022 2:50 pm
Forum: Canada / United States Tax & Accounting
Topic: Need my son report RESP EAP in tax return?
Replies: 20
Views: 10483

Re: Need my son report RESP EAP in tax return?

Thanks Nelsona for your detailed reply, just one thing needs your help to clarify. As I posted RBC document before "Where someone else is a subscriber and/or contributor to the RESP, and the RESP is a foreign grantor trust in respect of such persons (as discussed earlier), a U.S. beneficiary is...
by snowbird
Tue Apr 05, 2022 8:25 am
Forum: Canada / United States Tax & Accounting
Topic: Form 8938 FATCA reporting - custodial account or deposit account
Replies: 13
Views: 11544

Re: Form 8938 FATCA reporting - custodial account or deposit account

From internet

"An RRSP is an entity that matches the U.S. tax definition of a “foreign trust” and specifically it matches the definition of the type of trust that passes all of its income through to its owner every year–a foreign grantor trust."
by snowbird
Mon Apr 04, 2022 10:40 pm
Forum: Canada / United States Tax & Accounting
Topic: Does my child need to file taxes if they received form NR4 for their RESP but have no other income
Replies: 6
Views: 2618

Re: Does my child need to file taxes if they received form NR4 for their RESP but have no other income

Hi, Complete Is EAP treated as earned or unearned income? Wage line is line 1, is EAP is categorized as "Scholarship and Fellowship grants"? If EAP is "distributions of unearned income from a trust", it shouldn't be reported in wage line. If my son gets 1K in W2(part time job in ...
by snowbird
Mon Apr 04, 2022 9:34 pm
Forum: Canada / United States Tax & Accounting
Topic: Need my son report RESP EAP in tax return?
Replies: 20
Views: 10483

Re: Need my son report RESP EAP in tax return?

EAP is earned or unearned income?
My son get 10k EAP last year, need he file tax return?
by snowbird
Sat Mar 05, 2022 6:45 pm
Forum: Canada / United States Tax & Accounting
Topic: Need my son report RESP EAP in tax return?
Replies: 20
Views: 10483

Re: Need my son report RESP EAP in tax return?

Find a RBC document Where someone else is a subscriber and/or contributor to the RESP, and the RESP is a foreign grantor trust in respect of such persons (as discussed earlier), a U.S. beneficiary is not subject to U.S. income tax when they receive a distribution from the RESP, provided the necessar...
by snowbird
Fri Mar 04, 2022 9:56 pm
Forum: Canada / United States Tax & Accounting
Topic: Need my son report RESP EAP in tax return?
Replies: 20
Views: 10483

Re: Need my son report RESP EAP in tax return?

We already report RESP income in annual tax return, not sure if need report EAP again, since tax is already paid every year.
by snowbird
Mon Feb 21, 2022 9:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 8938 needed for Canadian RESPs and RRSPs?
Replies: 4
Views: 1759

Re: Form 8938 needed for Canadian RESPs and RRSPs?

Before I heard RRSP needs to be reported in FBAR and 8938. Just look at IRS FBAR link, see following different info https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar But, you don’t need to report foreign financial accounts that are: Corr...