US revocable trust reporting in Canada

andied · Post by **andied** » Sat Jan 24, 2009 1:43 pm

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?

lanman2000 · Post by **lanman2000** » Mon Mar 01, 2010 9:58 am

I have the same question. Did you ever figure it out?

andied · Post by **andied** » Mon Mar 01, 2010 1:18 pm

Yes, I called Canada Revenue and spoke to a person in the section dealing with trusts and was told that this type of trust is not one that needs to be reported.

lanman2000 · Post by **lanman2000** » Mon Mar 01, 2010 1:27 pm

cool i'll call them then. Mine is a little different than yours since it is an actual trust that was written out and recorded and covers all of our assets (not just bank accts).

thx!

andied · Post by **andied** » Mon Mar 01, 2010 4:20 pm

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?

lanman2000 · Post by **lanman2000** » Mon Mar 01, 2010 4:28 pm

no association with oil or nat gas.

it stands for "local area network manager" and the year 2000. :)