U.S. PR in U.S. with CDN RRSP - what do with Schedule B, III

[larklab]

Quick question - I am a US permanent resident with a Canadian RRSP. I did not make contributions to this RRSP in 2014 and the total of my foreign assets is less than the 100K/150K U.S. threshold. I'm not quite sure how to report the RRSP - specifically on Schedule B, part 3, line 8.

I filed FBAR and as I understand it, my other major requirement is to complete Schedule B, Part III lines 7 and 8. 7 - a) did I have interest or signatory authority over a foreign financial account/was I supposed to report it - is easy- Yes.

I did not receive a distribution in 2014. I shifted the account into a different risk category for investment, but it remains the same account - so I'm not sure that makes me a transferor. I think that this means two things

1) for line 8 - did you get a distribution/were you a grantor/were you a transferor of a foreign trust the answer is "no".

2) I don't have to file form 3520 either.

Is that right? With form 8891 gone I feel like I'm missing some piece of the puzzle.

[nelsona]

RRSP is a grantor trust, so the answer is yes. But because RRSPs have been specifically forgiven from 3520, you don't have to file this. The only other consideration you have is FATCA (Form 8938), which has reporting thresholds for US residents that differs from those living outside US.

7a. Yes
and Yes
7b Canada
8 Yes, but no 3520. Verify 8938


You really considered Part III of Sched B a" major requirement "? Its just a question or two. The other forms are the key.

[larklab]

Thanks Nelsona! This helps a lot.