RESP / TFSA

[jawahar]

I just found out that back in 2018 there were some rule changes to RESP held in Canada By US Citizens actually living in Canada.
What are the new Rules, do we have to report RESP holdings or report the gain on these holding every year ? Do they have to be included in the FBAR ?
If my child has an RESP started by the grandparents (Canadian Citizens with no connections to US) can that RESP now be transferred to me with out penalty from the IRS ? what has to be reported to the IRS ?

TFSA - are there any new rules around this, can US Citizens living in Canada hold these account with the same benefits that Canadians get ?

thanks

[nelsona]

The only change to RESPs (not TFSAs) was in 2020 it was determined that RESPs no longer required 3520 trust reporting.The holdings remain subject to FBAR, FATCA, PFIC, etc,

The internal income (and the grants) is still taxable in the hands of a US subscriber, so if your parent is a non-US person, it should stay in their hands.