reporting canadian rrsp accounts

giraffemd · Post by **giraffemd** » Thu Sep 08, 2011 1:33 pm

I am a Canadian holding a green card since 2005. It has come to my attention that I have to report any foreign account I hold with over 10 K. I have a rrsp account of 35K in canada. I have not deposited or withdrawn from that account since moving here, and I was not aware that I had to report this account to the irs, until I start to cash it in..Do I have to report this account, and if so, where do I, and how do I report such information.

I have not had any income or growth in this account...it rises and falls..depending on the market..mostly falling these days :cry:

tsanaha · Post by **tsanaha** » Thu Sep 08, 2011 1:37 pm

you need to file FBAR and you need to file f8891, maybe you should just do all over since 2005.

giraffemd · Post by **giraffemd** » Thu Sep 08, 2011 1:40 pm

who do i send the form to and where can I get the form......is there any penalty to me with the irs for not knowing that I had to do this?

tsanaha · Post by **tsanaha** » Thu Sep 08, 2011 1:58 pm

f8891 sent to IRS
FBAR sent to the Tresurey

just look at IRS web to find the detail.

also you should send f1040x along with f8891

kal2 · Post by **kal2** » Thu Sep 08, 2011 5:14 pm

Why send a 1040X with the f8891?

tsanaha · Post by **tsanaha** » Thu Sep 08, 2011 5:17 pm

because f8891 should go with f1040, and you are now amending for the missing years.

kal2 · Post by **kal2** » Thu Sep 08, 2011 5:32 pm

Sorry to be so thick -- what is the amendment, if all that is happening is filing missing f8891s? Is it that the absence of 8891s would have exposed accruals/contributions to taxation in those years, and back filing them 'changes' that liability?

nelsona · Post by **nelsona** » Thu Sep 08, 2011 5:53 pm

the 1040X will simply say: attaching 8891. No chjange to income,deductions or credits