RRSP reporting requirements
Moderator: Mark T Serbinski CA CPA
RRSP reporting requirements
A long story, but will try to keep it brief.
I am a Canadian green card holder who has been in the US since 1997.
Recently while trying to determine the tax implications via the internet of cashing out a small Canadian RRSP to get some needed cash I discovered that I should have been filing a tax deferment along with my 1040 all these years. I had no idea, I thought it was covered by Canadian tax laws where I would have to pay tax to whomever when I withdrew the funds. I also found via the internet where I could fill out a 8891 with a 1040X amendment that should cover me for all previous years of ignorance. I have been filing all my 1040 tax return via e-file all these years and had answered that I did have foreign accounts > 10,000 US with details of the investments. (~5,000 cdn RRSP mutual fund and ~24,000 cdn cd RRSP rollover account). I figured if I e-filed I didn't need to send anyone any paperwork. Doing more research in the past few days I found out I should have been sending a paper TD F 90-22.1 form to the US Treasury department. Well I haven't. What are my options and do I need a lawyer?