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
 
-----------------------------------------------------------------------------------------------------------------------------
David Ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
My Home office is at:
4466 Prospect Road
North Vancouver,  BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
 
Calls welcomed from 10 AM to 10 PM 7 days a week  Vancouver (LA) time -  (please do not fax or phone outside of those hours as this is a home office)
 
email to taxman@centa.com
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 for expert help, assistance, preparation, or consultation

Trackback

Trackback URL for this entry: http://www.centa.com/trackback.php/UsWeekofMon20070521000036.html

No trackback comments for this entry.

0 comments