There are lots of questions when it comes to taxes. Let us answer them for you. With members averaging 18 years of experience, the Tax Advisory is your trusted source of tax information.
FAQ Categories
- 50 Plus
- General Tax
- Life Events
- RRSP & Investments
- Students and Young Adults
- Working For Yourself
- Your Health
I am a U.S. citizen living in Canada and I have about $20,000 in my RRSPs. Since my RRSPs are not taxable yet, do I need to send in a Foreign Bank Account Reporting form?
In addition to the annual tax filing, U.S. citizens are required to complete the Foreign Bank Account Reporting (Form TDF90-22.1) for all accounts held outside of the U.S. that had an aggregate total of more than $10,000 USD in foreign financial institutions at any point during the year. Whether or not the accounts are taxable in Canada is not a factor. RRSPs are one of the accounts that can contribute to your aggregate total as well as savings accounts, GICs, TFSAs, deferred profit sharing plans, employee stock plans and others. If your RRSP was worth more than $10,000 in 2011, you need to complete the FBAR filing. The form is sent to the Department of Treasury in Detroit and must be received by the June 30 deadline. It cannot just be postmarked June 30.
sending...