Canadian on TN status in US. FBAR and TD F90221 question.
Moderator: Mark T Serbinski CA CPA
You asked "with regards to FBAR. I have already sent in completed form. Do you know if I get a receipt from that department confirming everything is up to date ? " and someone responded "no". I've found the opposite to be true. FBAR is now required to be electronically filed and when you e-file you absolutely receive a confirmation.
They can still be mailed in.
http://www.irs.gov/Businesses/Small-Bus ... %28FBAR%29
Electronic Filing for FBAR Forms – MANDATORY Beginning July 1, 2013
On June 29, 2011, FinCEN announced that all FinCEN forms must be filed electronically with certain exceptions. The FBAR was granted a general exemption from mandatory electronic filing through June 30, 2013. E-filing is a quick and secure way for individuals to file FBARs. Filers will receive an acknowledgement of each submission. For more information about FBAR e-filing, read the FinCEN news release.
http://www.irs.gov/Businesses/Small-Bus ... %28FBAR%29
Electronic Filing for FBAR Forms – MANDATORY Beginning July 1, 2013
On June 29, 2011, FinCEN announced that all FinCEN forms must be filed electronically with certain exceptions. The FBAR was granted a general exemption from mandatory electronic filing through June 30, 2013. E-filing is a quick and secure way for individuals to file FBARs. Filers will receive an acknowledgement of each submission. For more information about FBAR e-filing, read the FinCEN news release.
E-filing is no big deal as long as you don't mind signing up with the "Financial Crimes Enforcement Network". Ironic , isn't it? Law abiding folks like us have to hand over our personal information to the crime department for having accounts in the town where we live while the criminals aren't bothered in the slightest.
Big government in action....they get buried in a massive dump of useless data reporting perfectly legal accounts while they don't get the info on accounts that they really want to know about because the criminals don't file FBARs.
Big government in action....they get buried in a massive dump of useless data reporting perfectly legal accounts while they don't get the info on accounts that they really want to know about because the criminals don't file FBARs.
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Oliver Osteler
- Posts: 1
- Joined: Sun Apr 27, 2014 5:26 pm
Re: Canadian on TN status in US. FBAR and TD F90221 questio
[quote="MJames"]I am living and working in the US since Feb 2012 .
I still own my home in Ontario ( no one living there, I do come to Canada for a couple days once every three or four months) .
I also have bank accounts. credit cards and RRSP accounts in Canada.
Last month , I went to Canada and did my Canadian taxes for 2012 . Taxes were done as a Canadian resident with foreign income and T5s from 2012. My US address was put on the return.
I have filed my US return for 2012, I have mentioned "yes" to foreign bank accounts. I have also mailed the F90221 form . I have mentioned checking, savings and rrsp accounts with > 10K in that.
Now the questions.
1. The F90221 form was received by the treasury department three weeks ago. Do I get a receipt or something like a notice of assessment from that department ?
2. Was filing 90221 necessary ? HR Block said no need to say "yes" to foreign bank accounts as long as its under 50K . They also said as long as I am not a US citizen or permanent resident, FBAR reporting not needed.
3. Do I have any tax liabilities in the US for the reported accounts ? The RRSP dividends are reinvested .
4. I have some rrsp contribution room from previous years. Am I allowed to contribute when living in the US ? Will I run afoul of any CRA or IRS rules ?
5. I have not yet contributed to my TFSA, I have the full 25500 space and would like to use up full in the next couple months. Any CRA or IRS rules that say otherwise ?
6. I have heard that "US persons" should not start a TFSA. From my understanding a "US person" is a US citizen or PR card holder. I am neither. Am I correct with this assumption ?
Thanks in advance.[/quote]I have an expectation E-Cig marketing will be held down on before the market is big enough to do big-time sponsorships. It's all relatively little things at this time. And since they have conventional types of marketing available to them I'm not sure they'll hurry into rushing. They only went paintballs strong on rushing initially around because it was a brilliant way to get on TV.
I still own my home in Ontario ( no one living there, I do come to Canada for a couple days once every three or four months) .
I also have bank accounts. credit cards and RRSP accounts in Canada.
Last month , I went to Canada and did my Canadian taxes for 2012 . Taxes were done as a Canadian resident with foreign income and T5s from 2012. My US address was put on the return.
I have filed my US return for 2012, I have mentioned "yes" to foreign bank accounts. I have also mailed the F90221 form . I have mentioned checking, savings and rrsp accounts with > 10K in that.
Now the questions.
1. The F90221 form was received by the treasury department three weeks ago. Do I get a receipt or something like a notice of assessment from that department ?
2. Was filing 90221 necessary ? HR Block said no need to say "yes" to foreign bank accounts as long as its under 50K . They also said as long as I am not a US citizen or permanent resident, FBAR reporting not needed.
3. Do I have any tax liabilities in the US for the reported accounts ? The RRSP dividends are reinvested .
4. I have some rrsp contribution room from previous years. Am I allowed to contribute when living in the US ? Will I run afoul of any CRA or IRS rules ?
5. I have not yet contributed to my TFSA, I have the full 25500 space and would like to use up full in the next couple months. Any CRA or IRS rules that say otherwise ?
6. I have heard that "US persons" should not start a TFSA. From my understanding a "US person" is a US citizen or PR card holder. I am neither. Am I correct with this assumption ?
Thanks in advance.[/quote]I have an expectation E-Cig marketing will be held down on before the market is big enough to do big-time sponsorships. It's all relatively little things at this time. And since they have conventional types of marketing available to them I'm not sure they'll hurry into rushing. They only went paintballs strong on rushing initially around because it was a brilliant way to get on TV.
Melvin Campbell