Double reporting on form 8938 and on FBAR?

formerpatriot · Post by **formerpatriot** » Sat Mar 19, 2016 3:05 pm

I have RRSP accounts at BMO and at NBC (National Bank of Canada). In past years I reported both RRSPs on form 8938 and on FBAR. In July 2015, I closed the BMO RRSP account and I had everything transferred to my BNC RRSP account. How should I handle form 8938 and FBAR? Double reporting? Thanks.

nelsona · Post by **nelsona** » Sat Mar 19, 2016 8:52 pm

For FBAR (FinCEN) this has never been a concern. You report the existence of ALL accounts, and their maximum value.

For FATCA, the form has spaces to indicate if any accounts have been opened or closed during the year. Again, not a concern.

tony · Post by **tony** » Thu Nov 03, 2016 4:18 pm

Nelsona,
You said before that RSSP needs no reporting (under new regulation at end of 2014).
But, why you said it needs reporting to FBAR & FATCA?

nelsona · Post by **nelsona** » Fri Nov 04, 2016 7:25 pm

RRSPs must still be included in FBAR and FATCA, All that was changed was not requiring to file form 8891 every year to repeated make the election to defer. Now, in most cases that deferral is automatic.

But FBAR and FATCA, but noy PFIC still applies to RRSP.