1040 XXV (1) FATCA question

[amitus84]

Me and my wife are Canadian Residents commuting to work to the States. My tax specialist has been filing US taxes as 1040 for us based on XXV (1).

We are planning to open TFSA accounts this year. Do we report these accounts on 1040 due to FATCA requirement? What about RRSP and RESP accounts do they need to be reported as well?

Thanks in advance.

[nelsona]

It is safest to report these accounts (all of them, including your Cdn bank accounts) on FBAR. Whether they need to be filed under FATCA depends on the total value of your foreign (ie. Cdn assets).
There is some debate whether you are required to file FBAR or FATCA when you have merely ELECTED to file a 1040, rather than meeting the residency requirements which would FORCE you to file 1040, but, it is simple enough to do FBAR and FATCA. You may do your own research on those requirements.