Clarification Needed

[YellowKnife]

Need to finish taxes from 2001 to 2005. Have a RRSP acccount and some mutual funds outside of a RRSP. Left them there when I moved to US in 1990.

Now, after doing some research, I have found out that i need a couple of forms to file.

Form 8891, 1116, 3540, Rev Poc 90-22.1.

I read that 8891 replaces 90-22.1 from 2004. What forms do i need to file with my taxes from 2001-2003. And what other form do i need form 2004-2005 ?

thanks a lot

[nelsona]

I read that 8891 replaces 90-22.1

This is incorrect. 8891 replaced Rev proc 2002-23, which is specific to RRSPs.

TD 90-22.1 is for reporting ALL your foreign accounts, and really cannot be back-filed. File the one for 2005 (it's already late, so get hot). It is sent separate from your 1040 to Detroit, Michigan.

So, for 2001 to 2003, you need to produce RP 2002-23 statements for each RRSP you own(ed). These have been described elsewhere

On the 2003 one you include a year-end value figure on your statements, to satisfy IRS Notice 2003-75. This is sufficient to meet the requirement of form 3520 for that year. (it was not required in any other year).

For 2004 and 2005 you include an 8891, indicating that 2001 was the year you first elected to defer.


Form 1116 is for foreign tax credits. If you did not pay tax in canada, then you don't need this form. If you have been paying Cdn tax