Reporting of canadian employer Sponsored Pention Plan to IRS

masiddiqui · Post by **masiddiqui** » Thu Dec 20, 2012 1:56 pm

1. Is it required to report Canadian employer Sponsored Pention Plans to IRS in the US income tax return for Canadian citizens working in the USA?

2. If yes, then is there any specific form that is to be used?

Will truely appreciate if nelsona can take some time out to anser this query.

nelsona · Post by **nelsona** » Thu Dec 20, 2012 2:35 pm

1. No, as long as it is not an RRSP.
2. No

Pension.

masiddiqui · Post by **masiddiqui** » Fri Dec 21, 2012 12:21 pm

Thank you Nelsona for your quick reply.

masiddiqui · Post by **masiddiqui** » Sat Dec 22, 2012 1:04 am

I have one more question pertaining to Employer Sponsored Canadian Pension Plan (Defined contribution Pension Plan):

[color=red]Do one have to report these type of pension plans in FBAR?[/color]

My understanding is that it should not be reported as one of the item in the list of exception given in FBAR reads
"Participants in and Beneficiaries of Tax-Qualified Retirement Plans.
A participant in or beneficiary of a retirement plan described in Internal
Revenue Code section 401(a), 403(a), or 403(b) is not required to report
a foreign financial account held by or on behalf of the retirement plan."

Can some body shed light on it, Please?

nelsona · Post by **nelsona** » Sat Dec 22, 2012 10:52 am

You have no "control" over your pension. Although it does NOT meet the definition above, it is not reportable on FBAR. It may however be reportable on FACTA, which is completely separate.

Please search/read the forum before posing more questions.