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Thanks!

Thank you Nelsona, I appreciate your help!

Would these payments be a "foreign trust" for purposes of the box on schedule B? This person has no RRSPs etc, so no other reason to tick that box.

I'm helping a friend out. Taxpayer is a dual US/CDN citizen residing in Canada. Received CPP/OAS in 2023. I'm just trying to figure out how to report this properly on the US 1040 return. After reading up on this in the forum, my understanding is as follows: - Enter the total amount received on line ...

Okay thanks for that, Nelsona

Let me rephrase my question in hopes of getting a better response. I'm sure this is a common situation, but I can't find anything remotely helpful online: Would an escrow account held by a realtor in Canada meet the IRS definition of a "trust"? What about escrow payments made to the bank f...

I bought a house in Canada last year. Obviously, this involved giving some money to a lawyer to hold in trust for a while during the process, and the bank now collects/remits property taxes along with the monthly mortgage payments. I'm just getting to my US taxes now and want to be clear on the repo...

I am on the board of directors for a couple of Canadian charitable organizations. Just wondering if there is any FBAR obligation that goes with this? I am thinking no, because I am not listed as a signatory on any bank accounts. However, I do sit on a finance committee that makes decisions about whe...

Brilliant. Thanks!

Is anyone familiar with the Saskatchewan Pension Plan and its implications for US taxes? Is it a 3520 reportable account?
I presume it goes on FBAR.

Thanks. That is the conclusion I also reached!

It's a weird question by the way, because this account only holds mutual funds, so if it was to be listed twice, it would be the same funds, just slightly different details.

If a person holds mutual funds within a RESP, would these shares need to be listed separately as an account on FBAR?

This is assuming the person own at least 50% of the RESP and that an FBAR is considered to be a trust.

(Not asking about PFIC here. That's a separate issue.)

I'm also a bit confused about what exactly constitutes an excess distribution. I was under the impression that excess distributions meant the dollar value of distribution. For example, say in a fund: Average of distributions received from 2017-2019 was $50.00. I multiply this by 1.25 to get $62.50 I...

I'm working through this at the moment for a small mutual fund RESP (helping someone backfile a few years). The account is well below 25k, and it is the taxpayers only PFIC investment. However, it had monthly contributions/reinvested distributions, so I wanted to be sure there were no excess distrib...

Yeah, I get that: Rev Proc 2014-55: SECTION 5. INFORMATION REPORTING WITH RESPECT TO CANADIAN RETIREMENT PLANS .01 Reporting Rules for a Beneficiary or Annuitant of a Canadian Retirement Plan. Subject to any future guidance that may be issued by the Treasury Department and the IRS, beneficiaries (re...