TD F 90-22.1 filing

[shsamardar]

Hi

Do we have to report line of credits we have in canadian accounts in TD F 90-22.1 form?

if yyes,
for example, if line of credit amount is for $40k CDN and during the year , it was around 3-6k CDN balance on that, how to answer the question of maximum value of account in the form?

If we have mortgage on a rental condo in Canada , do we have to report that as well?

Do we have to report RRSP accounts?

Thank you Very much

[nelsona]

I would not be reporting loans or credit cards unless they were in the "positive" positon (ie. they owed you money). This trick was used in the past by some off-shore types who weree given "credit cards" on which they deposited money and were paid interest.

Only accounts for which you can withdraw your own funds (not borrowing money) should be reported, like bank accounts and RRSPs, and non-registered investment accounts.

[shsamardar]

tax year 2005 was my first filing in USA after moving from Canada and I didn't report my CDN accounts that time.

In 2006, I am reporting those accounts by end of this month as due date. Now I don't know how to deal with 2005? the same accounts apply to both 2005 and 2006. no change in my accounts since living canada.

Do I have to include 2005 forms with 2006 forms this time ? or ignore 2005? what is your advice? Do I need to write a letter fopr them or put both years if your suggestion is to report 2005 now.



Thanks

[nelsona]

There is no provision for back-filing TD form. File 2006.

[jgoveas]

Hi Nelsona,

In your response to Shsamardar, you said not to report credit cards unless they owe you money. I have a divident visa credit card in Canada that gave me a 100 dollar credit in December for my yearly purchases :( Does this mean I now have to report that credit card account on the TD F90-22.1?

As a separate question, my husband has a joint account with his dad and not myself. From the instructions this account would go under the Joint section and we'd have to fill out the Dad's information for the joint account?

Sorry to ask this here but I've tried calling the Detroit 'hot line' but I keep getting answering machines with no call backs.

Thanks!

[nelsona]

Why do you even bother with the telephlunkies. Make up your own mind. This form is not the end of the world.