Election year for transferred RRSP

eortlund · Post by **eortlund** » Mon Apr 29, 2013 11:36 pm

I was helping my friend with taxes. She had an RRSP at one bank for a few years and we made the proper election. But at the beginning of 2012, she transferred the RRSP to RBC. Do we keep the original election date, or do we make a new election starting 2012?

nelsona · Post by **nelsona** » Tue Apr 30, 2013 10:08 am

The instructions are clear on this.... line 6(a).

Remember to file 2 8891s for 2012. one for the old and one for the new.

eortlund · Post by **eortlund** » Tue Apr 30, 2013 10:13 am

OK, so the election is considered to have been made already.

If 2 8891s need to be filled out, then I assume both RRSPs need to be listed on the FBAR?

eortlund · Post by **eortlund** » Tue Apr 30, 2013 10:17 am

Also, should she indicate somewhere that a rollover was made? Or is it fine for them just to think she has 2 RRSPs?

nelsona · Post by **nelsona** » Tue Apr 30, 2013 11:09 am

If she is mailing in the forms, I would inddicate on top of old one "Closed -transferred to act XXXXX". The year-end value will be zro of course.

Yes, both on FBAR amd, if required the foreign asset form.

nelsona · Post by **nelsona** » Tue Apr 30, 2013 11:10 am

but if e-filing, I wouldn't worry about the notation.

eortlund · Post by **eortlund** » Tue Apr 30, 2013 11:11 am

Thanks! I'll pass the info along.