Serbinski Accounting Firms

The lesson here is to not declare TFSA/RESP/RRSP or any other registered accounts on 3520 or 3520-A forms. These accounts are not reported under FATCA, per the terms of the US-Canada IGA, so the only way the IRS will learn of them is if you provide the information. Leave them off completely, call th...

Stay the hell away from 3520 forms seems to be the best advice now that the penalty silliness has gotten out of hand.

For example: https://skltax.com/u-s-tax-implications ... red-plans/

Remember that there is a huge difference between assessing a penalty, and collecting a penalty. If you're a Canadian citizen living in Canada with no US assets or income sources, the IRS can't do a thing. You can tell them to pound sand. Recycling their letters unopened beats paying them $10k fines.

The lesson here is to minimize "form-crime" risk by either not filing 3520s for TFSA/RRSP/RESP accounts, or to not declare them at all because they are not reported under FATCA. Furthermore, dual citizens without any US financial exposure (no property or investments or income) really shoul...

Perhaps not the right place to ask the question, but if the dual-citizen student is going to university in Canada, why would y'all be inflicting US tax reporting on them? Particularly if they were born in Canada and had no trouble concealing US person status from financial institutions. Seems like a...

The lesson here is to minimize "form-crime" risk by not report things like TFSAs that are not being reported under FATCA. Any reason why the OP needs to be compliant? Might be cheapest to just go dark, if they are dual with no US financial exposure.