Back in 2014 when CRA made an agreement with IRS regarding FATCA, there were several news articles that indicated that CRA had extracted concessions from the IRS regarding the reporting of TFSAs, RESPs, and RDSPs. These news stories claimed that these types of investments would not be reportable to the IRS.
Here's a sampling of some of the news articles:
http://www.cbc.ca/news/politics/fatca-t ... -1.2524444
https://www.fin.gc.ca/n14/14-018-eng.asp
http://www.advisor.ca/tax/tax-news/flah ... u-s-144017
http://www.carp.ca/2014/02/22/federal-m ... ief-fatca/
If only the Canadian banks are exempt from reporting, but U.S. citizens residing in Canada are still required to report them, then the IGA seems to be an empty agreement. Is there any indication that these accounts will not be reportable by U.S. citizens living in Canada in the future or that they will be tax-deferred or exempt?
Thanks.
FATCA Exempts Dual Citizens from Reporting TFSAs, RESPs?
Moderator: Mark T Serbinski CA CPA