TFSA closed in 2014. Report TFSA and New account?

Rob7 · Post by **Rob7** » Tue Jan 27, 2015 12:32 am

Hello,

If someone closes a TFSA in one year and transfers the funds to a new account, should he/she report both the TFSA and the new account on the 8938?

Second, I found a mistake in my FBAR from 2013 (filed april 2014). It's wasn't originally late but technically it is because the year entered was 2012. The amounts are right.

Now that 8891 is gone, I am following the discussion on how to report it on 8938.

Thank you.

nelsona · Post by **nelsona** » Tue Jan 27, 2015 7:00 am

All accounts held in the year need to be reported.
TFSAs also require 3520 foreign trust handling, unless you have absolute proof that they are not trusts.

Rob7 · Post by **Rob7** » Tue Jan 27, 2015 11:34 am

Thank you.

Is there a way to correct an FBAR after it's filed on time initially but now past the deadline?

Should one select providing a reason for being late? Amend? Both?

Rob7

nelsona · Post by **nelsona** » Tue Jan 27, 2015 11:39 am

Since these were electronic filings, I woud suggest you check the BSA/FinCEN website for that information.