Do I need to file Form 1040NR or 1041 for TFSA and RESPs
Moderator: Mark T Serbinski CA CPA
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- Posts: 24
- Joined: Sun Mar 30, 2014 4:21 pm
- Location: Canada
Do I need to file Form 1040NR or 1041 for TFSA and RESPs
I am a dual US / Canadian citizen living in Canada for many years. I have 2 RESP accounts and 1 TFSA. I have been filing Forms 3520 / 3520-A, but I am now wondering whether I should also file from 1040NR or Form 1041 as well. Please note that my RESPs and TFSA have no US source income.
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- Posts: 24
- Joined: Sun Mar 30, 2014 4:21 pm
- Location: Canada
If RESP/TFSA are considered "foreign trusts" is reporting income from them as simple as including on the 1040?
There are other forms to file, correct? (3520)
I'm in the same boat and don't quite understand how to report income/gains from TFSA nor RESP.
TFSA should be simple- it's just interest paid to me. Is it that easy?
RESP is a fund, with $500 CESG per year. I don't know how to report that. Plus, I don't know if I have "earned" anything, wouldn't it just have increased in value? (do you report increase in value as earnings? what if it loses value!)
Sorry if these are basic questions covered elsewhere in this forum. I'm in the process of doing my homework.
There are other forms to file, correct? (3520)
I'm in the same boat and don't quite understand how to report income/gains from TFSA nor RESP.
TFSA should be simple- it's just interest paid to me. Is it that easy?
RESP is a fund, with $500 CESG per year. I don't know how to report that. Plus, I don't know if I have "earned" anything, wouldn't it just have increased in value? (do you report increase in value as earnings? what if it loses value!)
Sorry if these are basic questions covered elsewhere in this forum. I'm in the process of doing my homework.
[quote="gpancio"]If RESP/TFSA are considered "foreign trusts" is reporting income from them as simple as including on the 1040?
There are other forms to file, correct? (3520)
I'm in the same boat and don't quite understand how to report income/gains from TFSA nor RESP.
TFSA should be simple- it's just interest paid to me. Is it that easy?
RESP is a fund, with $500 CESG per year. I don't know how to report that. Plus, I don't know if I have "earned" anything, wouldn't it just have increased in value? (do you report increase in value as earnings? what if it loses value!)
Sorry if these are basic questions covered elsewhere in this forum. I'm in the process of doing my homework.[/quote]
Oops, the original poster *did* mention the 3520s.
There are other forms to file, correct? (3520)
I'm in the same boat and don't quite understand how to report income/gains from TFSA nor RESP.
TFSA should be simple- it's just interest paid to me. Is it that easy?
RESP is a fund, with $500 CESG per year. I don't know how to report that. Plus, I don't know if I have "earned" anything, wouldn't it just have increased in value? (do you report increase in value as earnings? what if it loses value!)
Sorry if these are basic questions covered elsewhere in this forum. I'm in the process of doing my homework.[/quote]
Oops, the original poster *did* mention the 3520s.
So far from what I can tell, you report as such:
- TFSA (interest) - just report as interest
- RESP (CESG grant) - report as other income
- RESP (unrealized gains) - report as such, you don't pay tax on it.
Is that right?
I don't mean to hijack this thread. Perhaps the original poster has similar questions.
- TFSA (interest) - just report as interest
- RESP (CESG grant) - report as other income
- RESP (unrealized gains) - report as such, you don't pay tax on it.
Is that right?
I don't mean to hijack this thread. Perhaps the original poster has similar questions.