help--8891 & TDF needs amendment

sunnylight · Post by **sunnylight** » Mon Feb 20, 2012 3:20 pm

Hi,

I just found that my RRSP accounts includes two seperate account #, one is for mutual fund and one for GIC. Last year, I mistakely amended my previous tax return for back filing 8891s and TDF only include the mutual fund account number, but for account balance, I reported all balance which include Mutual Fund and GIC.

My question is whether I should amend my 8891 and TD F for last 6 years? How to amend, seperate one 8891 into two 8891 forms and same for TDF?

So scary. I need your advice....

Thanks.

nelsona · Post by **nelsona** » Mon Feb 20, 2012 8:25 pm

If every GOC will be issued its own account number, I wouldn't bother.

But if you intend to keep this account and have other gOCs in it, then yes, ammend.

sunnylight · Post by **sunnylight** » Mon Feb 20, 2012 9:22 pm

Thanks Nelsona. Some more question. The GIC account is linked to the Mutual Fund account which are both in TD Trust bank. As I know, additional to the Mutual Fund account number, they issue a general account # for GIC, then the ending number will differ if new GIC was purchased or renewed.

If I amend the 8891 and seperate for two 8891 forms, in later year, in case I closed the GIC account, all money transferred to Mutual fund, but no distribution. Does it mean the 8891 for GIC is zero balance or could discontinue to report? It looks like doesn't make sense since all transfer is between accounts in same bank, no distribution, no tax forms. So my understanding is as long as all rrsp accounts belongs to one bank, and internal transfer will not treat as distribution by bank, it should be only one 8891, right?

But for TDF, does it need to seperate report?

Please let me know your opinion. thanks.

nelsona · Post by **nelsona** » Mon Feb 20, 2012 9:44 pm

In any transfer of accounts, in the year of the transfer, the closed account is reported for a last time, with zero balance.

sunnylight · Post by **sunnylight** » Wed Feb 22, 2012 12:47 pm

Thanks Nelsona. Just confirmed with the bank. They said each GIC will have different account number since each GIC has different term and cannot add on. Does it mean I don't need amend my 8891, otherwise, 8891s will be too much complicated, right?

How about TD F, need I correct it to separate to Mutual Fund account and several GIC account? Or I just do it in 2011, and don't touch prior filings? Or keep filing as a lumpsum account as prior years? Need your advice. Thanks in advance.

nelsona · Post by **nelsona** » Wed Feb 22, 2012 1:12 pm

For 8891 I would simply have one form for the entire account (using the MF account #) and report the year-end total. To do otherwise is an unneccesary mess and erves no purpose.

I would have a tendency to do the same for FBAR, but you would not be wrong to do it separately.

sunnylight · Post by **sunnylight** » Wed Feb 22, 2012 1:28 pm

Thanks Nelsona. You saved me!