RPPs on FBAR

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sasktoaz
Posts: 5
Joined: Wed Aug 17, 2022 10:51 am

RPPs on FBAR

Post by sasktoaz »

I am a Canadian citizen with permanent residency in the US. Last year, my first year filing taxes in the US, I reported my undistributed Canadian defined contribution RPP on the FBAR. I am now reading that RPPs do not need to be reported on the FBAR. Is there consequences for reporting something on the FBAR you didn't need to? Can I leave it off this year or do I need to keep reporting it now?
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nelsona
Posts: 18704
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: RPPs on FBAR

Post by nelsona »

RPPs do not meet any of the criteria for FBAR reporting.
I would stop including it.
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
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sasktoaz
Posts: 5
Joined: Wed Aug 17, 2022 10:51 am

Re: RPPs on FBAR

Post by sasktoaz »

nelsona wrote:
> RPPs do not meet any of the criteria for FBAR reporting.
> I would stop including it.

Thank you. Would Form 8938 apply? The amount in the RPP did not meet the threshold last year but I expect it will this year.
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nelsona
Posts: 18704
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: RPPs on FBAR

Post by nelsona »

I think you can figure that out. It depends on ALL your foreign holdings, not just one account.
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
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