Can anyone confirm or deny the following statement?
"Filing the 3520/3520-A depends on what kind of RESP account you have. If it's a bank or brokerage account, then it's not set up as a trust, so no 3520/3520A are required. "
Are *all* RESP considered to be "foreign trusts"?
Moderator: Mark T Serbinski CA CPA
Sounds false to me. RRSPs set up with a bank or brokrage are foreign trusts, so why would an RESP not be. 8891 replaces 3520 for RRSPs only.
Sounds like someone is lazy to give you paperwork.
Sounds like someone is lazy to give you paperwork.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
Note what BDO says:
http://www.bdo.ca/library/publications/ ... 32007b.cfm
Since an RESP is a foreign trust, U.S. persons who invest in them are subject to the U.S. reporting requirements for foreign trusts. The ability to obtain the tax treatment as described above can be jeopardized if the proper U.S. tax reporting forms are not completed. In certain cases, a portion of the original RESP contributions may be taxable to the beneficiary, if the appropriate forms are not filed. To understand the required reporting requirements, contact your BDO advisor.
An RESP IS a foreign trust. how it is constituted makes no difference.
http://www.bdo.ca/library/publications/ ... 32007b.cfm
Since an RESP is a foreign trust, U.S. persons who invest in them are subject to the U.S. reporting requirements for foreign trusts. The ability to obtain the tax treatment as described above can be jeopardized if the proper U.S. tax reporting forms are not completed. In certain cases, a portion of the original RESP contributions may be taxable to the beneficiary, if the appropriate forms are not filed. To understand the required reporting requirements, contact your BDO advisor.
An RESP IS a foreign trust. how it is constituted makes no difference.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best