Candian TSFA/RSP questions

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rtaft
Posts: 13
Joined: Tue Mar 04, 2014 7:35 pm

Candian TSFA/RSP questions

Post by rtaft »

1) My wife had a 5 Year Stepper GIC TFSA. From what I understand, she received the interest once a year. She moved from Canada after her 2013 interest was received, and the 5th year was paid out this year. Does this need to be reported on 2013 taxes since she moved after the interest was acquired?

2) She also has some RSPs. From what I understand there, since these are retirement accounts, the income does not need to be reported.
Taxpoor
Posts: 110
Joined: Thu Oct 11, 2012 9:14 am
Location: Canada

Post by Taxpoor »

You might want to review the filing requirements as she seems to have a retirements account(s) in Canada which require 8891 forms, TFSAs which require 3350/3350a forms, 8938 forms on your 1040(s) etc etc etc.

Oh yea...don't forget the FBARs to the Department of the Treasury if you have a aggregate value of more than 10k in Canada....stiff penalties for this one if you don't file.
rtaft
Posts: 13
Joined: Tue Mar 04, 2014 7:35 pm

Post by rtaft »

I have no idea what a 3350 form is...nor does the IRS.

Wow...boy does the IRS need some overhauls...just as I thought I figured this out I see more and more forms.
So
8891 for RSPs
8938 for Investments (not TSFA because its under $50k and no interest was added between the day she became a resident and Dec 31st).
FBAR for the RSPs and TFSAs but not the investments?
3520-A for the TFSA (not 3520 for same reason as above)
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