My daughter,living in Canada, has an account that should have been (but was not) reported previously on TD F 90-22.1. I intend to do so this year, but should I file for missed years. She is a dual CDN/US citizen and was only registered as an US citizen about 3 years ago, so hopefully this TD F 90-22.1 has only been applicable since this date. Her income is below the threshold to require filing a US tax return.
File TD F 90-22.1 for previous years
Moderator: Mark T Serbinski CA CPA
I'd file this years NOW, but not previous years.
IMO, filing late doesn't satisfy the filing requirements and simply brings undue attention to your oversight.
Remember that the aggregate total of ALL accounts must be more than US$10K, and that if this is true ALL foreign accounts must be reported.
<i>nelsona non grata</i>
IMO, filing late doesn't satisfy the filing requirements and simply brings undue attention to your oversight.
Remember that the aggregate total of ALL accounts must be more than US$10K, and that if this is true ALL foreign accounts must be reported.
<i>nelsona non grata</i>
Nelsona, I'm in the same boat... I just found out about RRSP
requirement to file TDF9022.1. I've been delinquant for ~10 years.
(I was misinformed by IRS years ago... but let's not go there).
Do you still recommend I only do 2004 (NOW) ?
What are the pros & cons of only doing 2004 vs doing all years ?
What about the penalties if I don't file previous years ?
Also on line 21 of the form, does Canadian RRSP falls under
a) bank or
c) Other - RRSP ?
Same question for Canadian GCI (a or c) ?
Many Thanks !
requirement to file TDF9022.1. I've been delinquant for ~10 years.
(I was misinformed by IRS years ago... but let's not go there).
Do you still recommend I only do 2004 (NOW) ?
What are the pros & cons of only doing 2004 vs doing all years ?
What about the penalties if I don't file previous years ?
Also on line 21 of the form, does Canadian RRSP falls under
a) bank or
c) Other - RRSP ?
Same question for Canadian GCI (a or c) ?
Many Thanks !
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote"><i>Originally posted by parentr</i>
Nelsona, I'm in the same boat... I just found out about RRSP
requirement to file TDF9022.1. I've been delinquant for ~10 years.
(I was misinformed by IRS years ago... but let's not go there).
Do you still recommend I only do 2004 (NOW) ?
What are the pros & cons of only doing 2004 vs doing all years ?
What about the penalties if I don't file previous years ?
Also on line 21 of the form, does Canadian RRSP falls under
a) bank or
c) Other - RRSP ?
Same question for Canadian GCI (a or c) ?
Many Thanks !
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
I'm certain that Nelson hasn't changed his recommendation on the TDF's. I concur with his position.
RRSP - We always use c) and indicate "RRSP".
GIC - We ignore these because they are not an "account" per se, they are an investment that is usually linked to your bank account. Having said that, there is no harm in reporting them as separate accounts. I would then choose Other.
Note, assuming you make a good effort to fill this form in correctly, the most important thing to remember is that you're dealing with bureaucrats. Make sure you fill in all the required boxes. They need them boxes filled in, or you'll hear from them!
/crh
Nelsona, I'm in the same boat... I just found out about RRSP
requirement to file TDF9022.1. I've been delinquant for ~10 years.
(I was misinformed by IRS years ago... but let's not go there).
Do you still recommend I only do 2004 (NOW) ?
What are the pros & cons of only doing 2004 vs doing all years ?
What about the penalties if I don't file previous years ?
Also on line 21 of the form, does Canadian RRSP falls under
a) bank or
c) Other - RRSP ?
Same question for Canadian GCI (a or c) ?
Many Thanks !
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
I'm certain that Nelson hasn't changed his recommendation on the TDF's. I concur with his position.
RRSP - We always use c) and indicate "RRSP".
GIC - We ignore these because they are not an "account" per se, they are an investment that is usually linked to your bank account. Having said that, there is no harm in reporting them as separate accounts. I would then choose Other.
Note, assuming you make a good effort to fill this form in correctly, the most important thing to remember is that you're dealing with bureaucrats. Make sure you fill in all the required boxes. They need them boxes filled in, or you'll hear from them!
/crh