Overall question for RRSP, RDPS and RESP reporting

[puzon23]

Hi All,

I'm just simply looking for a quick confirmation that I am about to correctly do my tax return in regards to my Canadian accounts on my US tax return.

My situation:

Have an RESP/DPSP for myself. Have a RRSP for my wife (I used to contribute to it and she is the beneficiary). Have a RESP for my kids.

In 2016 I made no contributions nor did I take any distributions from any of the accounts. Everything accrued within the accounts on their own.

For my return here is what I know/should do:

For my RRSP/DPSP - nothing on 1040, no 3520, no 3520-a, no 8891, FBAR since it is worth more than $10k

For my wife's RRSP - nothing on 1040, no 3520, no 3520-a, no 8891, FBAR since it is worth more than $10k

For RESP - 3520 to report existence, 3520-a to report transactions within the account (capital gains, dividends, etc), 8621 - for PFIC reporting and QEF election, 1040 - to report all gains (interest earned, dividends, capital gains, etc), FBAR since it is worth more than $10k

Does this make sense? Am I missing anything?

Thanks!

[nelsona]

Yes
You need FBAR because although you say none of yoyr accounts exceed 10k US
The sum does so they are ALL reportable including your cdn bank accounts as well

[puzon23]

Hi,

Thanks for confirming the filing requirements, I appreciate that.

For FBAR, yes, I will have to report every foreign account that I have. I actually did say that I will do FBAR because they DO exceed $10k. I will have to double check my credit cards as well as even though normally you do not have to report these I was told that if the balance ever goes positive during the year which could happen if you overpay then those have to be reported on FBAR as well.

[tony]

1. Besides FBAR reporting, do I need to submit W-9 for each account I have overseas (outside USA)?
2. Do I need to change the address to a local US address? Or, I can keep it to use Canadian address?