1. Many advises saying to close RESP because of its complexity in reporting. What about my Canadian foreign bank account? how complex if I don't close it?
2. In canada, foreign property threshold is $100,000. Is that true in US is $10,000? Why some says joint reporting $500,000? what is it?
compare RESP & foreign bank account (foreign property)
Moderator: Mark T Serbinski CA CPA
1. RESPs are generally considered trusts, so you have trust reporting, as well as they are not sheltered in US, so you have to pay tax in US. Bank accounts are simple, and easy to report. In fact, you SHOULD keep a Cdn bank account and a Cdn credit card after you leave for Cdn transactions that you might make.
2. You are confusing FBAR and FATCA, which I will allow you to do research on.
2. You are confusing FBAR and FATCA, which I will allow you to do research on.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best