Serbinski Accounting Firms

I am in US, and I believe Tacova is also in US -- because 25% penalty does not apply for non-US resident.

Tacova,

I think IRS has rejected late deferral tax election (usually they accept late filing f8891 outside OVDI). This is a bad news for all of in OVDI with RRSP.

Now, if you did open your RRSP before you becoming a US taxpayer, and you have never withdrawn more than $1000 from the account each ...

yes, i have an agent working on my case, i think that is also true to Tacova

9100 relief is a letter to request extension of making tax deferral election. so if IRS asks to include all the income from RRSP, that means they have denied your request --- at least they should send you a letter why they won't let you to request 9100 relief.

this maybe a good case for TAS to help ...

Did you send f8891 which you made deferral tax election within your package ? They should at least let you back file f8891 -- based on relief 9100.

And did you ask for 9100 relief ? if so, they should at least respond you on their ruling -- granted or denied.

well, i was wrong, and i just spoke to my agent. last time when i spoke to him -- he told me "internally, we had discussed and decided not to impose penalty on RRSP".

But today, he told me RRSP would be included.

Now, we should contact TAS -- to get involved..

Tacova, have you signed form 906 ...

it is based on what i heard from an IRS agent (OVDI examiner).

your best estimate will be fine. it is not reporting income, it is just to report US Gov, that you have this account offshore.

Just an update,

IRS won't impose base penalty on RRSP inside OVDI. The past rumor about RRSP penalty is 100% rumor.

Again, Nelsona is so right about RRSP back filing.

I also have TD RRSP in TD/CanTrust Mutual fund. I would like to know how to convert them to RRIF. If it has to be done in person, then it may be worth the effort to take a trip there. 25% vs 15% is a big discount.

After taking a hit in OVDI (some said IRS would impose 25% penalty on RRSP inside ...

sorry, i might be wrong. it says financial assets. i am not sure art work/land are finanical unless they are public traded.

i guess assets (anything with value) will be included. this might be an extansion of the way IRS is dealing with OVDI. Can you see how similar they are ? such 75K peak value (which is a thresshold for 12.5% and 25% penalty) ?

I think land, cash, art work anything that has market value will be ...

yes, I did ask my Canadian bank to convert CAN$ to US$ and then send me a draft.

It seems to me that it is always a better deal to buy foreign currency with the currency that circulates in the country. Since Can$ is not circulating here in US, so if you use CAN$ to buy US$ here, this is a ...

you only need to fill a form if you bring them in cash (over 10K) otherwise no need to fill forms (as far as i know and i did many times before).

the US bank (that you put the money in) will tip off uncle sam any large amount transaction.

This is not really a new policy,

"no tax due" no FBAR penalty has been IRS policy for OVDP 2009 and OVDI 2011. Well explained in FAQ.