2011 tax filing

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

Post Reply
eortlund
Posts: 272
Joined: Tue Aug 07, 2007 12:18 pm

2011 tax filing

Post by eortlund »

I am trying to understand if I need to do anything different next year. My understanding so far is that:

*I do not need to file a form 8621 if our mutual funds are solely contained in RRSPs.
*If our foreign assets exceed $50,000, I now need to file form 8398

Is this correct?
nelsona
Posts: 18680
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

1 is correct.
2 I think you are quoting the wrong form. In any event, stay tuned here you will fing out all cross-border changes in 6 weeks or so.
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
nelsona
Posts: 18680
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

8938 has many clauses, so lets hold off until (a) it is in final form, and (B) the rules are finalized.

But you will in all likelihood have to file this.
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
eortlund
Posts: 272
Joined: Tue Aug 07, 2007 12:18 pm

Post by eortlund »

Thanks nelsona!
Post Reply