US Tax on RRSP

nelsona · Post by **nelsona** » Fri Jan 04, 2013 3:54 pm

... and you have now informed them that you have a foreign trust

nelsona · Post by **nelsona** » Fri Jan 04, 2013 3:55 pm

If it were that easy, people here would have been doing this ever since this issue came up. IRS has decided to make thing HARDER, not simpler.

GC-Canadian · Post by **GC-Canadian** » Sun Jan 06, 2013 3:37 pm

On further inspection what we thought were all RRSP's are actually a DPSP 1, DPSP2 and an RRSP.
I take it we have to report these all separately?

nelsona · Post by **nelsona** » Mon Jan 07, 2013 10:50 am

DPSP's are company pensions and are not reported as trusts, since you do not controll these assets (Correct?).

The RRSP is an RRSP.

GC-Canadian · Post by **GC-Canadian** » Mon Jan 07, 2013 11:31 am

Thanks Nelsona, yes you are correct.
We also have RESP's (far less than 10K). I am assuming we'll have to report these too as they are interested in the total value of your accounts?
How do we report the DPSP's. Do they need FBAR's?

nelsona · Post by **nelsona** » Mon Jan 07, 2013 12:47 pm

The RESP's are foreign counts in your control. Their value doesn't matter, since you already have accounts that total >10K, so they need to be included in FBAR.
DPSP's typically aren't under your control: no FBAR. But they are part of your foriegn financial assets: FACTA.

zad888 · Post by **zad888** » Wed Jan 09, 2013 2:29 am

file forms 3520/3520A for the RESPs.