Serbinski Accounting Firms

I am working on enrolling in the OVDP, and file amended forms and tax returns ( gulp, for 8 years) and . I am resigned to the fact that I will be penalized and will also incur big bills in accountants/lawyers fee. Do I not also have to keep the mutual fund account and RRSP untouched until the whole ...

I have not made any transaction in any of the accounts for almost 20 years. Those withholding were income distributed from the mutual funds. I do not know if they were interest, short term capital gain or what, and the income amounted to about $ 500 a year.

I was ruled as a NR of Canada by Revenue Canada, so it withheld 25% on whatever distribution from the mutual fund account and I paid tax in the US on those income, just did not realize there is 8891 and FBAR to be filed on RRSP and an inactive mutual fund until the FATCA passage hit the news in Jan ...

nelsona, I only come upon the site today. I know it is not an excuse.

Are you saying I am in more trouble with my RRSP or my investment accounts ( or both?) for not having filed the 8891 and FBAR? Am I going to be penalized (27.5%) on both accounts ?

Clarification: I have not bought or sold holdings ( mutual funds ) in my investment account shortly after I opened it. It is inactive, but through the years had grown to $200000 with about $80000 from long term capital gain.

I originally moved to the US to work, not knowing whether I was staying there. I have an investment account and RRSP established for several years prior to moving to the US. I stayed and became a US citizen in 2001. I have no bought or sold any holdings ever in those accounts and the accounts had be...