TFSA Form 3520 - US agent?

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skobes
Posts: 33
Joined: Sat Mar 25, 2017 10:41 pm

TFSA Form 3520 - US agent?

Post by skobes »

Form 3520 Line 3 and Form 3520-A Line 2 ask whether a foreign trust appointed a "U.S. agent", which instructions describe as someone who "has a binding contract ... to act as the trust's authorized U.S. agent ... with respect to [requests by the IRS for records or testimony]".

How does a US citizen owner of a TFSA answer this question? Of course there is no "binding contract" with the Canadian issuer expressly providing such an appointment, but it would seem the owner of the trust can choose to undertake the obligations described?
nanics
Posts: 5
Joined: Thu Mar 11, 2021 1:52 pm

Re: TFSA Form 3520 - US agent?

Post by nanics »

You assume a TFSA is a Trust and needs Form 3520?
skobes
Posts: 33
Joined: Sat Mar 25, 2017 10:41 pm

Re: TFSA Form 3520 - US agent?

Post by skobes »

Let's assume for purposes of this question that a TFSA is a trust and needs Form 3520. I'm aware there are other views out there.
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