reporting canadian rrsp accounts

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giraffemd
Posts: 2
Joined: Thu Sep 08, 2011 1:13 pm

reporting canadian rrsp accounts

Post by giraffemd »

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 I have not deposited or withdrawn from that account since moving here, and I was not aware that I had to report this account to the irs, until I start to cash it in..Do I have to report this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
Posts: 268
Joined: Sun May 29, 2011 6:51 am

Post by tsanaha »

you need to file FBAR and you need to file f8891, maybe you should just do all over since 2005.
giraffemd
Posts: 2
Joined: Thu Sep 08, 2011 1:13 pm

Post by giraffemd »

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
Posts: 268
Joined: Sun May 29, 2011 6:51 am

Post by tsanaha »

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
Posts: 37
Joined: Sat Aug 20, 2011 9:16 pm

Post by kal2 »

Why send a 1040X with the f8891?
tsanaha
Posts: 268
Joined: Sun May 29, 2011 6:51 am

Post by tsanaha »

because f8891 should go with f1040, and you are now amending for the missing years.
kal2
Posts: 37
Joined: Sat Aug 20, 2011 9:16 pm

Post by kal2 »

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
Posts: 18680
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

the 1040X will simply say: attaching 8891. No chjange to income,deductions or credits
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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