I am a Canadian Citizen and moved to US on a TN visa in 2007. I am currently a non resident of Canada and have been reporting the following while filing my US income taxes.
1. Form TDF 90-22.1 : Report my Canadian (foreign) bank accounts (FBAs) and RESP with balance as of year end
2. Form 8891 : Report my RRSP's (mostly GIC's and one brokerage account).
The following I would like to know -
Q1 - Have I been reporting the above correctly? If not, what needs to be changed/revised? Do I have to revert back to previous 2 years of reporting, if something has not been reported correctly or from the 2009 return the reporting can be corrected?
Q2 - For my brokerage account, do I report book value or market value of my funds. I have been reporting market value of my funds till now (The MValue of my funds has always been less than the BValue for the last 2 years).
Is that correct? I have not been reporting anything on lines 7a and 7b as such? Do I have to? If so then would it be a negative value getting transferred to my 1040?
Q3 - For the RRSP in form of GICs, do I put in the contributions (interest) received for the year? If so does do I have to report it as "income" on 1040?
Q4 - I plan to withdraw my wife's (dependant, not working) RRSP GIC's this year (2010). What needs to be done while filing for the next year?
RESP, RRSP, FBAs
Moderator: Mark T Serbinski CA CPA