Hi all - I'm a US citizen living in Canada. I have an RESP with mutual funds and cash. If it has C$20K in MF's and C$10K in cash, I know I deal with the MF's using the 8621 (mark-to-market), and I understand how to do that.
But, I'm curious about how to deal with the cash; if it was C$10K throughout the year, but that results in, say, an increase in US$500 over the course of the year, do I include that as Other Income on my 1040, or do I just ignore it? Do I need to worry about reconciling my 3520/3520A with income from the 8621? Thanks in advance..
Handling exchange rate within RESP
Moderator: Mark T Serbinski CA CPA
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Handling exchange rate within RESP
Not a professional opinion.