The Form 8938 instructions don't define the terms "deposit(ory) account" and "custodial account". The online definitions of "custodial account" refer to an account set up for a child.
Yes/no questions:
(1) Is an RRSP a custodial account?
(2) Is a spousal RRSP a custodial account?
(3) Is an investment account holding GICs a custodial account?
More yes/no questions:
(a) Is a bank chequing account a deposit(ory) account?
(b) Is a bank savings account a deposit(ory) account?
Side remark lest you think I'm nuts: the 8938 instructions randomly interchange the terms "deposit" and "depository".
Form 8938 -- custodial or deposit account (?)
Moderator: Mark T Serbinski CA CPA