Serbinski Accounting Firms

Hi Nelsona,

If an ING TFSA is considered a deposit and therefore no 3520/A filing requirement is needed. Is this correct?

Does it also include an ING TFSA GIC as being considered a deposit and not a trust?

Thanks Nelsona and MGeorge!

Good to know that my ACB for both Canadian and US returns will include the discounted portion... :D

Thanks MGeorge for your reply. Sorry I wasn't quite clear with my question and scenario. I do know that the discounted portion is indeed included in the cost basis. What I would like to know is how to treat the discount portion that had already been included in my previous years' FEIE. Hi Nelsona, h...

Last Jan 2013, I sold my 2011 & 2012 ESPP shares. In both years I had claimed FEIE where the taxable benefit [discount] was included in my income and was part of the excluded amount in both tax returns. Now that I've sold my shares and having claimed the exclusion in those previous years, does i...

[quote="Sylvia"]Excellent post. Nice refresher for this year's 3520-As :) One thing that has always confused me -- why is there a space for Accumulated trust income in Part III for "Beginning of Tax Year"? Shouldn't this number always be zero, since last year's income gets moved ...

Just wondering what everyone does when submitting these forms.

1) Do you mail them together [in separate envelopes] by March 15?
2) Or do you mail form 3520-A first and then mail form 3520 at the same time as your form 1040?
3) Others?

For me, it's: #2

Thanks Diskdoctor for your reply. My thoughts exactly so I didn't include the amount in Line 19 as part of my taxable income.

Primo, I'm not too sure, but I think I've read it somewhere that even if you renounce your US citizenship, you will still need to file your taxes for the next 10 years...or has it changed???

Thank you both!!

I hope you guys have your forms ready for filing...deadline is almost here.

Just an update: I received my notice last week from the IRS...the one that I've been waiting for with a total amount due of $0.00...finally!!!

file forms 3520/3520A for the RESPs.

I heeded both your advice and made that call to the IRS. What the agent told me was that the reversal was clearly entered on Oct 24 but somehow the original agent that did it forgot to include a code along with it which then caused their system to generate another penalty notice. He reassured me tha...

Just an update... After almost 2 months from my last conversation with the IRS [telling me that they will abate the penalty], I received another notice of penalty today. This is the "2nd - Second Reminder"...the "1st - Second Reminder" was sent back in September. How many Second ...

Thanks CdnAm...good to know...I don't want to have to stress over a letter... =D

Thanks Primo! =D