8938: Foreign Financial Accounts or Other Foreign Financial

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

Post Reply
Potassium
Posts: 39
Joined: Sun Apr 14, 2013 1:26 pm

8938: Foreign Financial Accounts or Other Foreign Financial

Post by Potassium »

I'm in the process of filling in an 8939 and not certain on whether some accounts should be classified as Foreign Financial Accounts or Other Foreign Financial Assets.

Firstly I have some UK pension funds which I would have presumed should be classified as Other Foreign Financial Assets (the description of OFFA says "...including foreign pension plans ...". However last year my tax return was completed by an accounting firm and they reported these as Foreign Financial Accounts, was that therefore a mistake by them?

Secondly, I have some online accounts, one is Bullionvault.com which is for buying/selling/holding gold and silver, and questrade.com which is for dealing in stocks/shares. I presume both of these should be classified as Other Foreign Financial Assets.
Post Reply