US revocable trust reporting in Canada
Moderator: Mark T Serbinski CA CPA
US revocable trust reporting in Canada
I am a dual citizen, living in Canada, and have a couple of CD's with US banks and have designated my children as beneficiaries. The banks usually refer to this as POD (paid on death), but I believe it is legally considered a revocable trust, and if so, does it require reporting as a foreign trust to the CRA?
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- Posts: 137
- Joined: Wed Jul 29, 2009 8:30 am
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- Posts: 137
- Joined: Wed Jul 29, 2009 8:30 am
I would definitely check with CRA, if it is a formal trust. Ask specifically to speak with someone in the trust section; they will probably take your number and get back to you in a day or two. If you do need to report the trust to the CRA, the forms look reasonably straightforward, as compared to 3520/3520A for the IRS.
Interesting user name, any association with oil and natural gas in the US?
Interesting user name, any association with oil and natural gas in the US?
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- Posts: 137
- Joined: Wed Jul 29, 2009 8:30 am