Search found 39 matches

by Potassium
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

Re: Is it the interest in a foreign RRSP/pension or the total value that contributes the 8938 threshold reporting value?

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)
by Potassium
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...
by Potassium
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?
by Potassium
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...
by Potassium
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
by Potassium
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...
by Potassium
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

I also have a Canadian RRSP, however AFAIK I don't manage it. Its a managed fund account, managed by portfolio managers, I have no ability to control it. Does that mean such types of RRPSs should also therefore not appear on FBAR?
If that is what control means.
by Potassium
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

Thank you "Bullionvault is simply a foreign investment firm based in London." On FinCen there are only the 3 choices or Bank/Securities/Other. You indicated Other should not be chosen for Bullionvault, and its not a Bank, therefore presumably an investment firm is a security, and that is w...
by Potassium
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

Also is it correct to classify an RRSP to be of type Other?

Thanks
by Potassium
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 ...
by Potassium
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...
by Potassium
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
by Potassium
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 ...
by Potassium
Wed May 27, 2015 11:00 am
Forum: Canada / United States Tax & Accounting
Topic: 401k or Roth 401k ?
Replies: 2
Views: 2117

Thanks. Maybe I should have added a bit more info to be complete. I'm a high rate tax payer and have been contributing so far about 18 months at the full rate (I'm just over 50 so thats about $25000 per year or thereabouts). So will be contributing for another 13-15 years perhaps.