I understand that IRS considers a TFSA a trust, and for USC living in Canada, all the appropriate and complex forms must be filed.
Is this true even if the TFSA is just a bank account? Last year I reported it as such and reported the interest as income to IRS as I would any other Canadian Bank account.
Assuming I'm wrong, what do I do to correct this?
Bank Account TFSA, IRS reporting
Moderator: Mark T Serbinski CA CPA
Yes, your TFSA is not a bank account, you just have chosen to have simple deposits in it, which doesn't change its characteristic.
Back file 3520
Back file 3520
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