FBAR required for son for RESP where he isn't the owner and only the beneficiary?

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complete
Posts: 23
Joined: Wed Mar 04, 2015 12:02 pm

FBAR required for son for RESP where he isn't the owner and only the beneficiary?

Post by complete »

My son has an RESP setup in Canada that is currently being used for his schooling in the US.
We live in the US now and do not file Canadian tax.
I have always filed the FBAR which includes the RESPs for which I am the owner and he is a beneficiary.
Is an FBAR filing required by my son, as the beneficiary, if the amount of RESP is >10000?
My thoughts are that it wouldn't be required by him since he only has access to these funds through me, and I already file the FBAR.
Does it make any difference if my son is 17 versus 18 years old, or if he has never filed income tax due to never earning income?
Thanks in advance.
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nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: FBAR required for son for RESP where he isn't the owner and only the beneficiary?

Post by nelsona »

Please repost this with your original post on this subject.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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complete
Posts: 23
Joined: Wed Mar 04, 2015 12:02 pm

Re: FBAR required for son for RESP where he isn't the owner and only the beneficiary?

Post by complete »

Done
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