RESP accounts in Canada when started by US citizens - THE BAD NEWS
THE BAD NEWS
RESP accounts in Canada when started by US citizenbs
A way back when, I specifically stated that these accounts require the preparation of a 3520 /3520A and then I heard (I hate rumours) that it would be satisfactory to write RESP on the top of an 8891 form instead and passed that info on to one person and one person only. (initials - S.O.) and then thought better of it.
Well, I have just got off the phone from Treasury's head office (where the 8891 was conceived and approved) and was told specifically that the RESP DOES require a 3520 to be filled out under current policy.
Frankly, the charge to do it properly is likely more than the RESP is worth and we are talking every year.
The worse part of the conversation was the admission that the Treasury department is not even officially sure that the RESP "is" a foreign trust under the legislation. However, they are working on it.
david ingram
RESP accounts in Canada when started by US citizenbs
A way back when, I specifically stated that these accounts require the preparation of a 3520 /3520A and then I heard (I hate rumours) that it would be satisfactory to write RESP on the top of an 8891 form instead and passed that info on to one person and one person only. (initials - S.O.) and then thought better of it.
Well, I have just got off the phone from Treasury's head office (where the 8891 was conceived and approved) and was told specifically that the RESP DOES require a 3520 to be filled out under current policy.
Frankly, the charge to do it properly is likely more than the RESP is worth and we are talking every year.
The worse part of the conversation was the admission that the Treasury department is not even officially sure that the RESP "is" a foreign trust under the legislation. However, they are working on it.
david ingram
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