Serbinski Accounting Firms

Thanks nelona and DaveM, for your comments. I agree with the cautious approach (that is why I have never opened a TFSA)., and report information that may not be required, even though it is very annoying and an invasion of my privacy.

Thanks nelsona for your response and the interesting and informative links; however, these are are all simply opinions and interpretations (no doubt knowledgeable and experienced, but nevertheless opinions - not from the IRS). I would have no issue with people clearly stating their opinion and so st...

nelsona, I have tremendous respect for your knowledge and your efforts helping people on this board, but I have read numerous comments from you where you state categorically that the IRS considers RESP's and TFSA's as trusts. Where is this information from the IRS? I have searched over and over on t...

Interpretations and opinions are a fact of life when it comes to tax issues, with the complicated tax codes of the US and Canada. I have seen many statements on this and other forums and various blogs and websites stating categorically an RESP and TFSA are considered foreign trusts by the IRS and re...

FYI, it is now possible for individuals to file form T1135 online using one of the Canadian software programs.

http://www.cra-arc.gc.ca/E/pbg/tf/t1135/README.html

Unfortunately I cannot offer much help, but I can tell you that a few years ago, Treasury provided a phone number that we could call and receive confirmation of our FBAR filing (for current and previous years). I have not tried phoning since I started E-filling and getting confirmation directly from...

OK, I will wait andhopefully a bit more clarification will be forthcoming.

As always, thanks for your efforts.

nelsona, with all due respect, it occurs to me that you may be over thinking this, and/or playing devil's advocate, which is fine, it is good to be thorough and consider various possibilities; however, what in the 8938 instructions, would cause you to think the RRSP needs to be reported with individ...

I am using Taxact software and it automatically adds the info for Part II and as there is no income for the RRSP, I do not see any requirement for Part III reporting the RRSP, although I also have a small RRIF income amount which I will be including on Part III.

IRS Simplifies Procedures for Favorable Tax Treatment on Canadian Retirement Plans and Annual Reporting Requirements as per the IRS website: http://www.irs.gov/uac/Newsroom/IRS-Simplifies-Procedures-for-Favorable-Tax-Treatment-on-Canadian-Retirement-Plans-and-Annual-Reporting-Requirements It does no...

As I rea the instructions, I took them as simply replacing the 8891 reporting with Part VI, and previously the 8891 only required reporting the consolidated account, not individual holdings. Part VI does require "detailed information for each other foreign asset", but I took that to mean t...

I hear you and I want to be cautious making any assumptions RE common sense and the IRS; however, it seems to me that previously reporting RRSP/RRIF with 8891 was simple and effective and the IRS is making it more simple and universal by eliminating the need for 8891. Why would it be more detailed a...

Also, it appears that the IRS has attempted to make RRSP/RRIF reporting simpler, and to require reporting individual stocks/holdings,etc., would be counter-intuitive.

It is a bit unclear, but in previous years, RRSP's could be reported as an account (without listing individual stocks, etc.), and I have not seen anything from the IRS indicating this has changed, so I would think we could simply list the RRSP account (s) in section VI as an asset.

No, just overly cautious. The new requirements for this form in some ways are (or will be) more detailed and complicated than the US FBAR and it seems a bit incongruous that there is no requirement for foreign bank address or account number.