FBAR Type Other -- description of non-RRSP account

Filo · Post by **Filo** » Thu May 17, 2012 9:31 pm

USC residing in Canada.

For years on the FBAR forms I have checked Type of Account = "Securities" for all investment accounts, both RRSP and non-RRSP. From what I've read recently I should have been checking "Other".

If I change both Types to "Other", what is an acceptable entry for "Enter type below":

(1) RRSP: "Canadian RRSP" ?

(2) non-RRSP: "investment account" ???

[The non-RRSP account holds mutual funds, GICs, and a savings (cash) component; no stocks or bonds.]

nelsona · Post by **nelsona** » Fri May 18, 2012 6:58 am

The fact that it is an RRSP dpe not affect its category. If your RRSP isn't a savings account, its an investment account. Who said otherwiise?

Filo · Post by **Filo** » Fri May 18, 2012 11:03 pm

(0) I've been checking "Securities"; I should be checking "Other" (right?)

But "Other" requires "Enter type below"

(1) For RRSP, type = "RRSP investment account" or just "investment account" ?

(2) For NON-rrsp, type = "investment account" ?

I'm sorry if this is a dumb question; the fines are huge, and I don't even know which details are important and which are not. My erstwhile CA was unconcerned by such "minor details".

nelsona · Post by **nelsona** » Sat May 19, 2012 7:13 am

An RRSP is not a type of account for IRS purposes.

If your account holds (or can hold) any stocks, mutual funds, bonds, it is a securities account, whether or not ot is an RRSP

If it can only cash or GICs, it is a bank account, whether or not it osan RRSP.

Filo · Post by **Filo** » Sat May 19, 2012 5:54 pm

For my accounts holding mutual funds I have been checking (*) Securities for many years. But I read recently that "securities" include only stocks, bonds & derivatives, but not mutual funds. But from what you say, mutual funds *are* securities(?).

So the question is:

-- Can I continue to check (*) Securities (and *not* check Other) ?

If you can tell me yes/no on that, the matter is settled. I really appreciate your help.

nelsona · Post by **nelsona** » Sun May 20, 2012 1:02 pm

They are securities.

Filo · Post by **Filo** » Sun May 20, 2012 10:43 pm

Good, that makes things easy.

Despite the number of my posted queries, I have found many answers to my questions just by searching this site, and the vast majority of those answers come from you.

Thank you, nelsona.