US citizen in New Mexico has Canadian RRSPs to deal

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Mr Ingram,
I have a client who is a US citizen and lived in Canada for many years and has their equivalent to our IRA.  They now live in New Mexico. Can you tell me what their choices are for this money?  You can call me at (877) 456-XXXX.
Thank you.
JXXXXXXX
Financial Consultant
(505)892-XXXX Phone
(505)994-XXXX Fax
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David Ingram replies:
Assuming that the Canadian RRSP accounts total over $10,000, your client must fill in forms TDF-90 whicxh is a report of foreign financial accounts and goes to the Dept of Treasury in Detroit.  Failure to file these forms to report foreign accounts can result in fines of up to $500,000 plus 5 years in Jail. 
If your client withdrew any money from these accounts in 2002  he must fill in form 3520.  If no money was withdrawn, he must fill in form 3520A or follow the rules in REV.PROC 2002-23 which can be found at: www.centa.com, click on newsletters, click on 2003, then read the August front page for the two most important parts.
Hope this helps, if you need any help doing this for the first year, we will lok after it for $300.00 Canadian for the first RRSP / RRIF / RPP and $100 for each additional account. You should be able to copy the method for subsequent years.  Note that more detailed inforamtion will be requitred on form 3520 for 2003 onward.
If you want help, Contact me at:
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) 980-0321 - 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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