Canadian RRSP not reported for income deferral to IRS

I live in  Miami, Florida I moved here in 1980 from Canada. I left
about C$18,000 in a Register Retirement Savings Plan (RRSP) in Canada.
It has now grown to about C$120,000. I have taken no distributions.
Recently, I have become aware that I was supposed to have reported the
RRSP to the IRS each year and claimed a deferral from US taxes. I have
never done this.
Can you assist me in catching up with this reporting requirement and
claiming the deferrals?
david ingram replies
Sure - The original regulation was passed in 1989 as REV.PROC 89-45
The next one in 2003 was Rev-Proc 2003-25 and was very nasty and
applied to the 2002 year.
To fix them, I need you to fax me your page 1, page 2 and Schedule B
of your 2002, 2003 and 2004 tax returns (read the bottom two questions
on Schedule B).
I also need the Dec 31, 2001, 2002, 2003, and 2004 year end statements
for the RRSP faxed to me.
Assuming one RRSP, the fee would be $700 Canadian and include the T
DF-90.22 form which is the most important here.
The T DF-90.22 is the most important form here.
The failure to report the RRSP (which is an offshore trust in the US
authorities eyes - see bottom question on Schedule "B") is technically
liable for a fine of up to $500,000 plus 5 years in jail.
Lots of people are fined.  In one case, I had a 105 year old lady with
a $10,000 fine (she had $338,000 in a Canadian Royal Bank of Canada
account and was reporting the interest but not filing the T DF-90) and
a 68 year old lady with a $60,000 fine (she had about $200,000 in a
Nova Scotia account and was not reporting the interest or the
account - she actually received a suspended 6 month jail term as
Fax them up to me at (604) 980-0325 or mail them but whatever you do,
KEEP COPIES which is why the faxing works well.
David Ingram's US/Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver,  BC, CANADA, V7N 3L7
Res (604) 980-3578 Cell (604) 657-8451
(604) 980-0321 Fax (604) 980-0325
Email to taxman at
Disclaimer:  This question has been answered without detailed
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