According to the Form 8938 rule, I am required to file 8938 if the aggregate value of foreign accounts was greater than 150000 at any time of the year or greater than 100k at the end of the year (I am filing married jointly).
Do these aggregate values include both Canadian RRSPs and Canadian RESPs?
Are these RRSP and RESP aggregate values included when determining the reporting threshold?
And do I need to list all these accounts in the 'other foreign assets' sections of Form 8938?
Thanks in advance.
Form 8938 needed for Canadian RESPs and RRSPs?
Moderator: Mark T Serbinski CA CPA
Re: Form 8938 needed for Canadian RESPs and RRSPs?
Do these aggregate values include both Canadian RRSPs and Canadian RESPs?
WHY WOULD THEY NOT?
Are these RRSP and RESP aggregate values included when determining the reporting threshold?
WHY WOULD THEY NOT BE?
And do I need to list all these accounts in the 'other foreign assets' sections of Form 8938?
MANY PRACTICIONERS DO JUST THAT.
WHY WOULD THEY NOT?
Are these RRSP and RESP aggregate values included when determining the reporting threshold?
WHY WOULD THEY NOT BE?
And do I need to list all these accounts in the 'other foreign assets' sections of Form 8938?
MANY PRACTICIONERS DO JUST THAT.
Re: Form 8938 needed for Canadian RESPs and RRSPs?
Before I heard RRSP needs to be reported in FBAR and 8938.
Just look at IRS FBAR link, see following different info
https://www.irs.gov/businesses/small-bu ... ounts-fbar
But, you don’t need to report foreign financial accounts that are:
Correspondent/Nostro accounts,
Owned by a governmental entity,
Owned by an international financial institution,
Maintained on a United States military banking facility,
Held in an individual retirement account (IRA) you own or are beneficiary of,
Held in a retirement plan of which you’re a participant or beneficiary, or
Can someone clarify it?
Just look at IRS FBAR link, see following different info
https://www.irs.gov/businesses/small-bu ... ounts-fbar
But, you don’t need to report foreign financial accounts that are:
Correspondent/Nostro accounts,
Owned by a governmental entity,
Owned by an international financial institution,
Maintained on a United States military banking facility,
Held in an individual retirement account (IRA) you own or are beneficiary of,
Held in a retirement plan of which you’re a participant or beneficiary, or
Can someone clarify it?
Re: Form 8938 needed for Canadian RESPs and RRSPs?
What specifically do you need clarification on? The IRS instructions are pretty clear.
A United States person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate, must file an FBAR to report:
a financial interest in or signature or other authority over at least one financial account located outside the United States if
the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported.
An RRSP would fall under the definition of a financial account that you have authority over.
A United States person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate, must file an FBAR to report:
a financial interest in or signature or other authority over at least one financial account located outside the United States if
the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported.
An RRSP would fall under the definition of a financial account that you have authority over.
Re: Form 8938 needed for Canadian RESPs and RRSPs?
The IRS FBAR exception language that's confusing him is 'Held in a retirement plan of which you’re a participant or beneficiary' (or maybe also since RRSP is registered with the Canadian federal government, IRS FBAR exception language 'Owned by a governmental entity').
However, RRSP is a is a savings plan vs a retirement pension plan as defined by IRS.
When a taxpayer has ownership of a foreign RRSP (or RRIF), while Revenue Procedure 2014-55 exempts reporting on Forms 3520, reporting is still required on other forms such as the FBAR and 8938.
However, RRSP is a is a savings plan vs a retirement pension plan as defined by IRS.
When a taxpayer has ownership of a foreign RRSP (or RRIF), while Revenue Procedure 2014-55 exempts reporting on Forms 3520, reporting is still required on other forms such as the FBAR and 8938.