Form 8938 FATCA reporting - custodial account or deposit account

[okinawafl]

I have RRSP, saving account and checking account in Canada.
Would the types of account for RRSP is Custodial? And the saving account and joint name checking account is deposit account? Thanks.

[MsTunnelCoin762]

RRSPs are, I believe, an "other foreign asset" as opposed to a deposit or custodial account... I can't recall if the sourcing for this conclusion was in this forum, but "other foreign asset" is what I report... The boxes to check are complex as applied to RRSPs... Dig around here, I thinking it was on this site ...

[MsTunnelCoin762]

Typo "I am thinking"...

[okinawafl]

Thanks for your help. I will try to find it.

[pencileveryone]

Did you find anything? Any updates?

[erfan1985]

I also wanna know about this. I found this on IRS website but its from 2014:
https://www.irs.gov/pub/irs-prior/i8938--2014.pdf

It says:

"Beginning in 2014, a specified individual with an interest in a Canadian Registered Retirement Savings Plan (“RRSP”) or Registered Retirement Income Fund (“RRIF”) and who is required to file Form 8938 cannot satisfy his or her Form 8938 reporting obligations regarding the RRSP or RRIF under Part IV,
Excepted Specified Foreign Financial Assets. Instead, such specified individual must report such assets in Section VI, Detailed Information for Each “Other Foreign Asset” Included in the Part II Summary. This is because, beginning in 2014, U.S. citizens and residents are not required to report an RRSP or RRIF on Form 8891, “U.S. Information Return for Beneficiaries of Certain Canadian Registered Retirement Savings Plans,” and Form 8891 has been
obsoleted. See Rev. Proc. 2014-55, 2014-44 I.R.B 753."

So it seems like it should go under "Other Foreign Assets" unless things have changed since 2014.

[pencileveryone]

What're you putting as the Foreign Entity Information then?
Type of Entity: Individual, Partnership, Corporation, Trust, Estate
This Entity is a(n) : Issuer, Counterparty
This Entity is a: U.S. Person, Foreign Person

[erfan1985]

Mine was RSP in a broker account, so I put it as corporation and entered account number and address, etc. I selected issuer. I did not have anything regarding the last line that you are asking about.

[erfan1985]

Oh I had this line:

Check here if this asset is stock of a foreign entity or an interest in a foreign entity

Is that what you r asking? I didnt check it. since my rsp is just an account (which can have stocks in it!) but is not a stock/interest of a foreign entity by itself! lol
somebody correct me if I m wrong!

[snowbird]

From internet

"An RRSP is an entity that matches the U.S. tax definition of a “foreign trust” and specifically it matches the definition of the type of trust that passes all of its income through to its owner every year–a foreign grantor trust."

[complete]

RRSP = other foreign account

[pencileveryone]

@complete - If you see erfan1985 's response above, thats not true right? It should be under Other Foreign Asset.

[okinawafl]

I still not sure, but I agreed to MsTunnelcoin762, it sounds like other foreign asset.
thanks for everyone trying to help.

[complete]

Yes I mistyped:
RRSP = other foreign asset