I am a Canadian citizen who is a USA permanent resident.
I was looking at opening a Schwab Roth IRA account and came across a strange restriction. The application requires that I certify I am "exempt from FATCA reporting". I do submit form 8938 every year to report an RRSP in Canada. Why would that prevent me from opening a Roth IRA in the USA?
The application form is here: https://www.schwab.com/public/file/P-34 ... 062218.pdf
The relevant line is in section 5 (authorization to open account).
Thank you!
Can't open Roth IRA if I am subject to FATCA reporting
Moderator: Mark T Serbinski CA CPA
Re: Can't open Roth IRA if I am subject to FATCA reporting
I contacted Schwab and was informed that the requirement to certify I am "exempt from FATCA reporting" only applies to the account I'm opening...not any other accounts I might own. Still, the wording on the form seems wrong to me and I worry when I see phrasing like "under penalty of perjury"!