Filing forms 3520/3520A for an old RESP

mkg · Post by **mkg** » Sun Mar 23, 2014 9:24 pm

I am a Canadian citizen. We moved to US some 13 years ago. Our daughter was born in Canada and we created a RESP plan for her. As I was not aware, I have never filed Form 3530/3520A for this account. We have two RRSP accounts and a bank account in Canada. We always reported those accounts using Form "TD F 90-22.1", Form 8891 and Form 8938. (When we came to US, I did try to understand the reporting requirements for RESP account. But, somehow, I got this wrong-impression that we do not need to report this until we get some distribution from RESP. So, I never filed any information about this.)

Now, I would like to know how to correct/amend this situation.

A bit about the RESP account...

This plan is called Children's Eduction Funds Inc (CEFI) - Group Option Plan ( http://www.cefi.ca/en/cet-group-plan ). It is not a TFSA. We have never received any government grant/contribution in this account. (Canadian govt started contributing to these plans after we left Canada.). This plan did not provide any dividend/income. Basically, we bought certain number of "units". The plan paid our contribution (minus fees) when our daughter was in her second year of college. Last year (2013), we received the first "EAP" from the plan. Some tax was withheld from the EAP. So, for the first time, we received a "NR4" from CEFI. It also includes the amount of non-resident tax withheld.

I would like to understand what may be best way to take care of this situation now.

1. Should I file forms 3520 and 3520-A for 2013?
2. Should I amend returns for last 2-3 years and add forms 3520 and 3520-A?
3. Since our daughter is the beneficiary of RESP, does she need to file any 3530 or 3520A?

The NR4 came in our daughter's name. I will report those amounts on her tax returns. But, I need to figure out a way to deal with 3520/3520A.

Thanks for your guidance.

M

fifagamers · Post by **fifagamers** » Mon Mar 31, 2014 3:13 am

your current dwarf people can easily as a final point without shedding your race dedicated system the huge benefits at the same time, even though one of several smooth archers (at the very least the actual noises isn't just too large).

mkg · Post by **mkg** » Mon Mar 31, 2014 3:37 am

Hi,

I read most of the information available on this forum. Since this is the first time we received NR4 for income on the RESP plan, I would like to know if we need to file forms 3520/3520A for previous years.

Thanks for your time.