Help for RRSP account report issue

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fairycat
Posts: 3
Joined: Mon Oct 11, 2021 4:05 am

Help for RRSP account report issue

Post by fairycat »

When I was in Canada, I opened RRSP account A in a small broker. After move to states, I nearly forget it and never report in past tax years.
I retrieve account info, balance is 16k CAD. I already filed FBAR for tax year 2020.
How to correct it?
I have RRSP account B which holds more money and is reported, can I rollover A to B, close A and don’t report it?
If it’s not good day, need I file amended FBAR before Friday, then keep reporting in future?
fairycat
Posts: 3
Joined: Mon Oct 11, 2021 4:05 am

Re: Help for RRSP account report issue

Post by fairycat »

fairycat wrote:
> When I was in Canada, I opened RRSP account A in a small broker. After move
> to states, I nearly forget it and never report in past tax years.
> I retrieve account info, balance is 16k CAD. I already filed FBAR for tax
> year 2020.
> How to correct it?
> I have RRSP account B which holds more money and is reported, can I
> rollover A to B, close A and don’t report it?
> If it’s not good way, need I file amended FBAR before Friday, then keep
> reporting in future?
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Help for RRSP account report issue

Post by nelsona »

If you wish to update your 2020 FBAR, that is up to you. You would create a completely new FBAR with all accounts, and tick the Amended box.

Report both accounts on your 2021 FBAR, even if you close one of them this year. After that, report only the open one in future years.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
fairycat
Posts: 3
Joined: Mon Oct 11, 2021 4:05 am

Re: Help for RRSP account report issue

Post by fairycat »

Thanks for your kind reply.
I'll report it in next year's FBAR and 8938.
Not sure if send amended one for tax year 2020 will be good, I see some post said it'll trigger audit.
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