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If we start reporting TFSA and RESP on FATCA, which are not recognized by IRS as tax sheltered. Will we have to declare them as taxable income and pay tax on it?

Thanks for your reply nelsona.

I read previously that US based HSAs are treated as regular investment account when you move to Canada. You would have to report interest and dividends as income each year. Isn't that true?

I was gearing up to file a VDP for the last few years for missing to report ...

nelsona wrote:
> Whether or not you filed as US resident, you are allowed to participate in
> an HSA, if you have an HDHP. You won't be able to deduct your contributions
> on your Cdn return however.
>
> What plan does your spouse have. If she is in an HDHP, you both can have an
> HSA, whether you ...

Me and my wife are Canadian Residents commuting to work to the States. My tax specialist has been filing US taxes as 1040 for us based on XXV (1).

We are planning to open TFSA accounts this year. Do we report these accounts on 1040 due to FATCA requirement? What about RRSP and RESP accounts do ...

Hello there

So am planning to switch jobs in the States. I am a commuter (commute to US for work and stay near the border) and currently don't have a health plan through employer. But if I get a HDHP plan through a new employer, can I contribute to a HSA?

Just a little background, that my spouse ...