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Hi,
I came to know about your website through a newspaper article today.
http://www.nationalpost.com/commentary/story.html?id=A8B32827-D4E4-4845-98CB
-119CA4E467E4
However I can find no mention of the US RRSP reporting requirements on your web site.
I am a Canadian citizen and an American GC holder. I have an RRSP to which I have neither contributed to nor
withdrawn any money since I left Canada.
What do I need to do write to the
IRS ? Do I need to re-file my 2002 Tax
return? Do I need to just file the 3520 form ?
thanks for your time
WXXXXX
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David Ingram replies:
You can find the infomation you require at http://www.centa.com/august.htm
If you need help, and there have been no withdrawals we will look after the reporting for $300.00 Canadian for the first RRSP or RRIF and $100 for each extra RRSP.
You should be able to follow the rules yourself in subsequent years until you make a withdrawal which is a much more complicated form and will cost more.
If you want us to do it, we need the Dec 31, 2001 and Dec 31 2002 year end statements for each RRSP.
AND we need a copy of your 2002 1040.
We will do the reporting and file the amended 1040X as well.
Please also be aware that all your accounts have to be reported on a TDF-90. (see bottom of schedule B of your 1040 where it asks for foreign accounts.) Failure to file a TDF-90 for each account bears fines of up to $500,000 PLUS 5 years in jail.
Hope this helps
David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 913-9133 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
Be ALERT, the world needs more "lerts"
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