Serbinski Accounting Firms

Thanks Nelsona, yes you are correct.
We also have RESP's (far less than 10K). I am assuming we'll have to report these too as they are interested in the total value of your accounts?
How do we report the DPSP's. Do they need FBAR's?

On further inspection what we thought were all RRSP's are actually a DPSP 1, DPSP2 and an RRSP.
I take it we have to report these all separately?

I just got off the phone with an IRS representative and this is what he said:

File the 8891 with your 2012 Tax return and attach a letter stating why you didn't file this form for the previous years.
They will contact us if they need any further information.

Let's hope it is that simple...

Meant to say Thank You for your advise. I looked up your previous posts on how to determine the Book value etc. Wow! Thanks!

We'll file FBAR and 8891 for the 2012 Tax year.
I'll write a letter to accompany old FBAR's (6 years)
Don't know what to do about the 8891's. How do you request permission to back file without the very expensive letter?

We idin't need to file a FBAR as we had less that $10 000 in our Canadian account. THat will change with the RRSP pay-out though. Thank you for making me aware that it even exist!

No, we haven't been filing FBAR's either. Let me look into that too. Ignorance WAS bliss, but no more!!

We stopped all payments into the RRSP's when we moved and the fund had been losing a lot of money until now, hence the cash out at this point.
I guess we need a good tax person for this :cry:

Would the fact that we've been here on a work visa (L1 A/B) up until now make any difference?

I believe that we've NOT been filing an 8891 - I'll have to look into that.
I'm new to the forum so I'll have to look back on your posts, but sounds like we are in trouble.
I'll look up all your previous posts on the topic. Thanks for your reply.

We recently received our Green Cards (two weeks ago) after being in the US (from Canada) since 2007. We have sold our house before the move, but kept our bank account to pay off our Line of Credit. We are now cashing in our RRSP's. We are not at Retirement Age yet, but want to get rid of the debt. W...