Search found 41 matches
- Mon Mar 11, 2024 9:10 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Schedule B Trust Question and FBAR
- Replies: 3
- Views: 278
Re: Schedule B Trust Question and FBAR
Okay thanks for that, Nelsona
- Fri Mar 08, 2024 2:02 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Schedule B Trust Question and FBAR
- Replies: 3
- Views: 278
Re: Schedule B Trust Question and FBAR
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...
- Sun Mar 03, 2024 10:06 am
- Forum: Canada / United States Tax & Accounting
- Topic: Schedule B Trust Question and FBAR
- Replies: 3
- Views: 278
Schedule B Trust Question and FBAR
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...
- Tue Mar 21, 2023 12:19 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Board Member
- Replies: 0
- Views: 58196
Board Member
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...
- Mon Apr 11, 2022 4:14 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Saskatchewan Pension Plan
- Replies: 2
- Views: 1298
Re: Saskatchewan Pension Plan
Brilliant. Thanks!
- Mon Apr 11, 2022 2:04 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Saskatchewan Pension Plan
- Replies: 2
- Views: 1298
Saskatchewan Pension Plan
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.
I presume it goes on FBAR.
- Wed Aug 11, 2021 2:30 pm
- Forum: Canada / United States Tax & Accounting
- Topic: FBAR for account within RESP
- Replies: 3
- Views: 3503
Re: FBAR for account within RESP
Thanks. That is the conclusion I also reached!
- Mon Aug 09, 2021 10:55 pm
- Forum: Canada / United States Tax & Accounting
- Topic: FBAR for account within RESP
- Replies: 3
- Views: 3503
Re: FBAR for account within RESP
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.
- Mon Aug 09, 2021 10:24 pm
- Forum: Canada / United States Tax & Accounting
- Topic: FBAR for account within RESP
- Replies: 3
- Views: 3503
FBAR for account within RESP
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.)
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.)
- Thu Jul 29, 2021 7:57 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Reporting PFIC income when not required to file Form 8621
- Replies: 8
- Views: 8291
Re: Reporting PFIC income when not required to file Form 8621
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...
- Wed Jul 28, 2021 12:21 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Reporting PFIC income when not required to file Form 8621
- Replies: 8
- Views: 8291
Re: Reporting PFIC income when not required to file Form 8621
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...
- Sun Jul 25, 2021 7:17 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RPP Contributions
- Replies: 10
- Views: 8660
Re: RPP Contributions
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...
- Sun Jul 25, 2021 5:50 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RPP paid in lump sum to RRSP
- Replies: 2
- Views: 3045
Re: RPP paid in lump sum to RRSP
Thank you. That is good to know!
- Sun Jul 25, 2021 5:49 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RPP Contributions
- Replies: 10
- Views: 8660
Re: RPP Contributions
Okay thanks Nelsona. I think I may have found some backing for your position in Rev Proc 2014-55: "For purposes of this revenue procedure, the term “Canadian retirement plan” means any trust, company, organization, or other arrangement that is within the scope of Article XVIII(7) of the Convent...
- Sat Jul 24, 2021 8:09 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RPP paid in lump sum to RRSP
- Replies: 2
- Views: 3045
RPP paid in lump sum to RRSP
When an RPP is distributed as a lump sum, it can be rolled into an RRSP. This is a non-taxable event in Canada. However, what is the proper US treatment of this?
Is this a pension distribution for IRS purposes, or does the income continue to be deferred until it is withdrawn from the RRSP?
Is this a pension distribution for IRS purposes, or does the income continue to be deferred until it is withdrawn from the RRSP?