First time filing 8938 (and probably last, at least for a while, thanks to pandemic). It is quite clear that RRSPs and my spouse's DB pension plan have to be declared. My question is, are they "custodial" or "other"?
Just from the questions that come up in TurboTax, I'm thinking RRSPs probably fit "custodial" better.
As for the DB pension plan, it can be declared with "value" equal to the payments received during the year. It's hardly a custodial account (I suppose?) but if "other", what is it? Individual, Partnership, Corporation, Trust or Estate? Trust maybe? But then that seems to risk getting into topics I usually avoid like the plague, i.e. trusts and PFICs. Surely receiving payments from an ordinary Canadian DB pension plan shouldn't transform into this kind of thing?
8938 - RRSPs and DB pension plan
Moderator: Mark T Serbinski CA CPA