Serbinski Accounting Firms

[quote="nelsona"]RESPs are not recognized by IRS as a tax shelter. So, you need to report any internally generated income on them yearly to IRS. Hopefully you have enough other Cdn income (and thus tax) to offset any US tax). ADDITIONALLY< the owner of the RESP (the parent or grandparent) ...

I forgot to mention that this is a non-joint RESP account.

[i]But, if you the non-citizen own the RESP not jointly, then the US spouse has no reporting obligation, nor any tax [/i] My non-US wife opened a RESP for our infant child this year. How will this get reported in 20 years when our child starts making withdrawals. Won't the IRS ask where this extra, ...

Mike - just because you have not filled out the Foreign Birth Abroad form at the US Consulate does not mean that she is not yet an US Citizen. She is. My wife and I learned all about this after the birth of our child last year in Ontario. As a US Citizen your US Citizenship passes to your children a...