Search found 7 matches
- Tue Aug 09, 2011 3:27 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RESP / Trust on FBAR
- Replies: 7
- Views: 6138
Regarding the investment accounts it's weird because I have the main firm's account #, on their monthly statements it shows the mutual fund investments, but I also got an annual statement from each mutual fund company directly which also has its own account number. What happens with transfers betwee...
- Tue Aug 09, 2011 3:01 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RESP / Trust on FBAR
- Replies: 7
- Views: 6138
- Tue Aug 09, 2011 11:24 am
- Forum: Canada / United States Tax & Accounting
- Topic: RESP / Trust on FBAR
- Replies: 7
- Views: 6138
So a bank or investment account that is setup as an informal trust doesn't matter in the eyes of the IRS. I kind of figured I would have to disclose them on the fbar and 3520. So then what about RRSPs do I need to put them on fbar or just the 8891? Also I have signing authority on my wife's (non us ...
- Mon Aug 08, 2011 11:38 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RESP / Trust on FBAR
- Replies: 7
- Views: 6138
RESP / Trust on FBAR
I have signing authority on my children's RESP and In-Trust bank account, but as I am not the beneficiary of the funds I am not sure if I have a "financial interest" according to the FBAR form? Do I have "legal title" or am I the "owner of record" of an RESP / In-Trust ...
- Mon Jan 31, 2011 11:29 pm
- Forum: Canada / United States Tax & Accounting
- Topic: common-law in Canada -- relevant in US?
- Replies: 11
- Views: 6921
@JGCA Thanks for the details, I had read about possibly having the corporation's income be taxable as if the retained earnings were paid to me personally. which would be a hassle/problem for back filing taxes. I assume from your statement this only applies to US Residents not foreign US Citizens? I ...
- Sun Jan 23, 2011 6:03 am
- Forum: Canada / United States Tax & Accounting
- Topic: common-law in Canada -- relevant in US?
- Replies: 11
- Views: 6921
Thanks Nelsona! But wow 6 years back? That's a bit of a burden. I thought I read IRS typically only wanted 3 years? When I apply for a SSN will IRS request this many years back? Can I submit a written request for how many years they want, or is it always 6? Or could I just send in 3 years and see if...
- Sun Jan 23, 2011 5:22 am
- Forum: Canada / United States Tax & Accounting
- Topic: common-law in Canada -- relevant in US?
- Replies: 11
- Views: 6921
Thanks very much for answering this question, it helps me out with the same problem. However I am planning to move from Canada to the US in the near future. I'm a dual citizen but have never filed US taxes (I didn't know it was required until recently). My interest is in applying for a mortgage in t...