Serbinski Accounting Firms

I think maybe I've cracked this:

When we contribute to a TFSA, we receive "no consideration at all" (line 13). If we were not the owners of the trust, that would make the transfer purely a gift.

So I will write $0 in col (h) and the value of the cash in col (i) and its total box.

Sound right?

Based on cfn2007's question, I was starting to change my mind about reporting a cash contribution on 3520. My original reasoning was that Part I is titled "Transfers by US Persons to a Foreign Trust", so obviously every contribution has to be reported there, and if it clearly doesn't go in Sched A ...

<i>BTW, how do I turn on BBCode so the quotes work? I selected the radio button in my profile, but it doesn't seem to have any effect.</i>

[quote="cfn2007"]Wow! Dude, where were you 3 months ago[/quote]

Wallowing in blissful ignorance!

[quote]Are you sure that QI = US agent?[/quote]
This is what ...

I was depressed to read on this board and other places that it's too late to regret opening a TFSA, and for 2 tax years, at least, I have to deal with the 3520 forms. There's basically no help out there for exactly what everything means and how to fill it in, so after lots of study I'm proposing the ...