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!
Overall question for RRSP, RDPS and RESP reporting
Moderator: Mark T Serbinski CA CPA
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.
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.