RRSP Form-8938

[wildgoose]

Hi all, looking for some info I was not able to find on here or elsewhere - I need to file form-8938 for an RRSP & LIRA account I hold in Canada; however, it's not clear which fields I should be selecting for following in TurboTax. My RRSP & LIRA accounts are with CIBC.

1. What should I select for: Is this asset an interest in a foreign entity (such as stock)?
- Options are: Yes or No

2. What should I select for Foreign entity information for Yes and No options? Since the options change depending on first answer.
For Yes:
- Type of Entity: Partnership OR Corporation OR Trust OR Estate

For No:
- Type of entity: Individual OR Partnership OR Corp OR Trust OR Estate
- This Entity is a(n): Issuer OR Counterparty
- This Entity is a: US Person or Foreign Person

If you are also able to explain the selections that would be much appreciated. Thank you!

[Cdninga]

Here is my flow chart that I use in Turbotax for my RRSP/RRIF accounts:

Under Federal taxes, interest and dividends, click on 1099-OID, Foreign Accounts
Check the box "owned or signed on a foreign bank, broker, etc

On the page "Tell us about any foreign bank accounts", check the box, I had a bank, broker or other financial account in a foreign country.

Value of all your foreign accounts over $10K. Check yes or no.

Turbotax will tell you whether you need to fill out the annual FBAR paperwork.

Next page. "Tell us about any foreign trusts", For a RRIF/RRSP, the none of the above box should be checked.

Next page: Foreign financial assets. Click on "Yes, I have foreign financial assets. Then on the next page, answer the question on total value. (Note that all values need to be converted into USD.)

Skip the next page on foreign assets already reported and the following page on the amounts related to foreign assets.

Next page: "Do you have a foreign financial asset to report. Click yes.

Next page. Fill in your account information on your RRSP and RRIF accounts.

Final page. "More info" Check whichever boxes are applicable.

Any distributions from your RRIF/RRSP should be entered in the Retirement Plans and Social Security section under Canadian Registered Pension Income.

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