Form 3520A Questions

khorton15 · Post by **khorton15** » Mon May 25, 2015 6:37 pm

I'm filling out the initial 3520A for my wife's TFSA (she is a US citizen, living in Canada). I've got a couple of questions:

1. The trust company handling the TFSA (BMO Trust Company) does not provide a 3520A, nor do they appear to have a US agent. What do we put in line 4 "Name of Trustee"? Noting that the form is signed by the trustee, I'm working on the assumption that we'll put my wife's name, annotated as "on behalf of XXX Trust". Is this correct?

2. The TFSA was opened in 2014. I think that means that all entries in column (b) of the Balance Sheet are blank. The contribution she made would go in line 17 "Contributions to trust corpus" in column (d). Is this correct?

3. Foreign Grantor Trust Owner Statement (page 3 of the form), line 7 "Attach an explanation of the facts and law (including the section of the Internal Revenue Code) that establishes that the foreign trust (or portion of the foreign trust) is treated for U.S. tax principles as owned by the U.S. person". What would I write as a statement to cover her situation? She is a US citizen, resident in Canada, who has an account with a trust company. The account holds various mutual funds.

Thanks for any info and advice.