Timing of Trust Year End RESP TFSA

cliffie75 · Post by **cliffie75** » Mon Apr 02, 2012 5:06 pm

Hi all - I am Canadian but received my Green Card in April 2011. So I need to file 3520/3520A for TFSA and RESP...
3520A seems to be due March 15th ...
I'm worried that they could be overdue already, but is there anything to stop me from declaring the Tax Year for the Trusts as not equalling the Calendar year ?
If I can't do that, will I be fined for being overdue in my first year of filing ? I had assumed it would all be due April 15th or later so just started looking at this stuff now
Thanks for any assistance

JGCA · Post by **JGCA** » Mon Apr 02, 2012 7:33 pm

Trust have to follow calendar year end with only exceptions for testamentary trusts and a few others, you can not elect to change this on your own .

CdnAmerican · Post by **CdnAmerican** » Mon Apr 02, 2012 8:05 pm

Cliffie - If you haven't yet seen it, this is a really nice thread on how to do a 3520 which might help to some degree. I don't know about a fine, but I know that I can't recall seeing a person fined fora late 3520 that they initiated themselves. That's not proof that there would be no fine, of course.

http://forums.serbinski.com/viewtopic.php?p=19169

Good luck!

cliffie75 · Post by **cliffie75** » Tue Apr 03, 2012 10:38 am

Thanks for all the quick replies... as a followup, if the Year End must be Dec 31st, can the starting point be the day I got the Green Card ? (I have no other ties to US and no US-sourced income, insignificant # days in the US etc.)