Thank you very much for the clarifications.
Should the type of the account for RRSPs / Pensions get reported on 8938 as a Custodial account? (As opposed to a Deposit account)
Search found 39 matches
- Thu Oct 11, 2018 5:59 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Is it the interest in a foreign RRSP/pension or the total value that contributes the 8938 threshold reporting value?
- Replies: 6
- Views: 2997
- Wed Oct 10, 2018 6:37 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Is it the interest in a foreign RRSP/pension or the total value that contributes the 8938 threshold reporting value?
- Replies: 6
- Views: 2997
Re: Is it the interest in a foreign RRSP/pension or the total value that contributes the 8938 threshold reporting value?
Thank you. Sorry but what is the definition of "value" and therefore knowing the value. If I know there is a pot of $100,000 in the RRSP (because they send a statement at the end of the year) then do I know the value of the pension or not? If I have not yet retired and thus not receiving a...
- Wed Oct 10, 2018 4:38 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Is it the interest in a foreign RRSP/pension or the total value that contributes the 8938 threshold reporting value?
- Replies: 6
- Views: 2997
Re: Is it the interest in a foreign RRSP/pension or the total value that contributes the 8938 threshold reporting value?
"....the maximum value is the value of the cash and/or other property distributed to you during the year. This same value is used in determining whether you have met your reporting threshold."
What does "distributed to you" mean?
What does "distributed to you" mean?
- Wed Oct 10, 2018 4:11 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Is it the interest in a foreign RRSP/pension or the total value that contributes the 8938 threshold reporting value?
- Replies: 6
- Views: 2997
Re: Is it the interest in a foreign RRSP/pension or the total value that contributes the 8938 threshold reporting value?
(Oh I see the reporting threshold values are now $200,000 / $300,000 if single or $400,000/$600,000 if married.)
- Wed Oct 10, 2018 4:03 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Is it the interest in a foreign RRSP/pension or the total value that contributes the 8938 threshold reporting value?
- Replies: 6
- Views: 2997
Is it the interest in a foreign RRSP/pension or the total value that contributes the 8938 threshold reporting value?
I have a Canadian RRSP and some UK pension accounts. When determining if I meet the 100,000 / 150,000 reporting threshold value, do I use the total value within the RRSP/pension or just the interest/growth for the year? This is from the IRS website. When they use the word "interest" does i...
- Tue Sep 18, 2018 11:59 am
- Forum: Canada / United States Tax & Accounting
- Topic: Does money in an RRSP and UK pension count towards the threshold for form 8938
- Replies: 1
- Views: 1188
Does money in an RRSP and UK pension count towards the threshold for form 8938
I have money in Canadian and UK banks but much less than $100,000 and thus would not have to bother filing an 8938 based on this alone.
However I have money in a Canadian RRSP and money in UK pension plans, do either of these amounts count towards the threshold requirement for filing an 8938?
Thanks
However I have money in a Canadian RRSP and money in UK pension plans, do either of these amounts count towards the threshold requirement for filing an 8938?
Thanks
- Wed Sep 14, 2016 10:52 am
- Forum: Canada / United States Tax & Accounting
- Topic: 8938: Foreign Financial Accounts or Other Foreign Financial
- Replies: 0
- Views: 2121
8938: Foreign Financial Accounts or Other Foreign Financial
I'm in the process of filling in an 8939 and not certain on whether some accounts should be classified as Foreign Financial Accounts or Other Foreign Financial Assets. Firstly I have some UK pension funds which I would have presumed should be classified as Other Foreign Financial Assets (the descrip...
- Tue Jun 28, 2016 10:39 am
- Forum: Canada / United States Tax & Accounting
- Topic: How should gold in online account be classified for Fincen?
- Replies: 12
- Views: 5565
- Mon Jun 27, 2016 11:11 am
- Forum: Canada / United States Tax & Accounting
- Topic: How should gold in online account be classified for Fincen?
- Replies: 12
- Views: 5565
- Fri Jun 24, 2016 11:20 am
- Forum: Canada / United States Tax & Accounting
- Topic: How should gold in online account be classified for Fincen?
- Replies: 12
- Views: 5565
- Fri Jun 24, 2016 10:45 am
- Forum: Canada / United States Tax & Accounting
- Topic: How should gold in online account be classified for Fincen?
- Replies: 12
- Views: 5565
Thanks but is an investment firm considered a Bank or Securities for the form? When you say never choose other, do you mean specifically for this case, or in general when using the FinCen form? Last year I had my FinCen prepared by a cross-border accountancy firm and they classified some UK pension ...
- Thu Jun 23, 2016 11:23 am
- Forum: Canada / United States Tax & Accounting
- Topic: How should gold in online account be classified for Fincen?
- Replies: 12
- Views: 5565
How should gold in online account be classified for Fincen?
I've got an account with an online company (www.bullionvault.com) where I'm registered with a non US address. This site allows you to buy/hold/sell gold, at any point my account may hold a certain amount of gold and a certain amount of cash. Just wondering how this should be reported on a FinCen for...
- Sun Apr 03, 2016 2:57 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 4868 extension queries
- Replies: 1
- Views: 1502
I guess I found the answer for myself regarding the 3520:
"In general, Form 3520 is due on the date that your income tax return is due, [b]including extensions[/b]."
from
https://www.irs.gov/instructions/i3520/ch01.html#d0e147
"In general, Form 3520 is due on the date that your income tax return is due, [b]including extensions[/b]."
from
https://www.irs.gov/instructions/i3520/ch01.html#d0e147
- Sun Apr 03, 2016 1:53 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 4868 extension queries
- Replies: 1
- Views: 1502
4868 extension queries
I just wanted to confirm that if I file a 4868 then the extension will also apply to: - 3520 form (for a foreign gift, not a foreign trust) - 1116/8938 - Fincen 114 The deadline for the 114 is June so I presume this isn't affected by the 4868. And I'd presume the 116 and 8938 are considered part of ...
- Wed May 27, 2015 11:00 am
- Forum: Canada / United States Tax & Accounting
- Topic: 401k or Roth 401k ?
- Replies: 2
- Views: 2117