first year GC reporting oversea accounts

jhuang1213 · Post by **jhuang1213** » Fri Feb 17, 2012 11:11 pm

I got the US commuter GC this year and continue commuting to work from Canada. I understood I now need to report my financial accounts in Canada to IRS. My question is for my wife who is not holding US GC and still working/living in Canada; does she need to disclose her Canadian financial accounts since I plan to file MFJ 1040 - she has TFSA and REP accounts solely under her name.

Thanks

nelsona · Post by **nelsona** » Sat Feb 18, 2012 8:02 am

Yes. So, review whether MFJ makes sense foryou, because the burden of adding her to your tax return may not be worth it.

jhuang1213 · Post by **jhuang1213** » Sat Feb 18, 2012 10:43 am

Thanks for your quick reply. Do I need to show her accounts info on TD F 99-20.1?

nelsona · Post by **nelsona** » Sat Feb 18, 2012 12:38 pm

If you file 1040 jointly, yes, all acounts that either or both of you have access to needto be reported.

If she does not file, then only your accounts, AND the accounts you hold jointly with her need to be listed on your FBAR form.