TDF 90-22.1 for Defined Benefit Plans

[canada68]

I left Canada several years ago, have reported my RRSP since on the TDF 90-22.1, including a defined benefit plan (my former Canadian employer's pension plan).

In 2005, I closed the last of my RRSP accounts (and submitted the final 8891 for it).

My defined benefit plan is still active.

My questions:
1. do I need to report the defined benefit plan on TDF 90-22.1?
2. I did not file an 8891 for tax year 2006 (all RRSP accounts closed). Now that I'm thinking about the defined benefit plan, should I have been reporting it all this time, and should I start reporting it?

Thank you

[benryan]

I asked a US accountant, about a similiar situation relating to a UK Pension (which is also a defined benefit plan). His recommendation for the TD F 90-22.1 was "Because financial account is broadly defined, we recommmend including British Pension Schemes on the report".

[nelsona]

There is of course no harm in including it.

It is unlikely however that one has 'signing authority' over their pension, since it is DEFINED BENEFIT, only available to you in the future.

[canada68]

Thanks for the replies. I think Nelson hits the nail on the head:

http://taxes.about.com/od/preparingyour ... F90221.htm

[quote] "Generally, a right to a pension from an employer would not be reportable because all the employee has is an agreement from the employer to pay a pension. The employee does not have a financial interest in a financial account. If, however, the employer maintained a separate financial account with funds that the employee has a right to, then the employee may be required to file [Form 90-22.1] for the account. Therefore, retirement accounts that a person maintains with a financial institution, such as accounts that are similar to IRA accounts in the U.S., and annuity type accounts generally would be reportable," according to an IRS spokesperson in Washington, DC.[/quote]

[canada68]

This page contains the requirements:
https://www.irs.ustreas.gov/newsroom/ar ... 94,00.html

At the bottom of that page is an email address to get further information. They were extremely quick to reply, almost as fast as Nelson. Here was her reply:


[quote]
If the account is set up like a government account such as the US Social Security Plan, then it is not reportable. If it is set up in a way the ee can determine his contribution and how it will be invested, and can withdraw funds now and then, then the account is reportable.

=== name redacted ===
BSA Tax Law Specialist
SB/SE BSA Compliance Branch
[/quote]

So, it seems to me that the Treasury Department cares about the reporting of foreign accounts if you can somehow get your hands on the money.