Serbinski Accounting Firms

Nelsona, thanks for your thoughts. Testone, I wondered the very same thing. But, since I really don't know, I'm tempted to send off the 7004 forms tomorrow just in case. It can't hurt, right? But, I'll likely still just attach the 3520a to the 3520 as opposed to getting it there sooner. Would either...

I'm a U.S. citizen living in Canada and filing 3520a/3520 for the first time for my dual-citizen hubby's TFSA and RESP. I'm concerned that the 3520a is apparently due by March 15. Does that March 15 deadline also apply to those living outside the U.S., or do we have an automatic extension (like we d...

Nelsona, I am a U.S. citizen, only having lived in Canada now for 2.5 years. No Canadian relatives to speak of, aside from my hubby who's dual. Like you suggested in your second option, I had no idea about TFSA and RESP tax consequences until about 6 weeks ago, and now I'm scrambling. We are closing...

Thanks so much for your feedback. Great things to consider. Very tempted to avoid the hassle and cut our losses ($3000 grant money so far) and close the RESP, but won't I have to pay taxes on grants already deposited into my account previously even if I close out account today--i.e. I'll be taxed on...

Thanks much for your replies! I have a feeling it won't create a huge tax burden to keep the RESP open, but it's more the confusion factor. I don't really know how to find out for sure if my two funds within my RBC RESP are PFICs (needing form 8621), but I guess better safe than sorry, right? This i...

I'm a U.S. citizen living in Canada, and my hubby's a dual citizen. He (unfortunately) opened an RESP two years ago, not realizing the tax reporting complexities. We're planning to just close the RESP to avoid future hassle, but in the meantime will we need to file a form 8621 for the funds within t...