My_question_is: Applicable to both US and Canada Subject: RRSP Expert: taxman at centa.com Date: Tuesday November 01, 2005 Time: 01:19 PM -0800 QUESTION: I contributed to a RRSP upto 1992 and then moved to the US and did not make any contributions after that. Since 92, I have lived in the US, filing US taxes. I have not withdrawn any funds from the RRSP. The value of the RRSP has decline since 92. I did not know about 3520, 3520-A or the new 8891 form until today and was wondering how I can file/submit forms to rectify this problem. ============================================================= david ingram replies: The official rule is that you should have filed the equivalent of an 8891 form for the past 13 years. I am amazed that your RRSP account has gone DOWN since 1992 however. What do you have in it that is declining for 13 years. No accounts should do that and you should have it analyzed by someone like Fred Snyder at (604) 731-8900 www.mutualfund101.com Because you live out of the country, Fred can NOT deal with you to change the account but I am sure that we can give you some advice on what you should do or not do, even if it means cashing it in and using the money in the USA. Goto http://www.irs.gov/pub/irs-pdf/f8891.pdf for an example of the Form 8891 Fill in the form as if you are the beneficiary. Send them in for 2002, 2003 and 2004 and the IRS should be happy. At the same time, look at the bottom of Schedule B of your 1040. Your RRSP counts as a foreign account and if there is more than $10,000 US in the account you must also fill in form TD F 90-22.1 which you can find at: http://www.irs.gov/pub/irs-pdf/f9022-1.pdf Note that this is far more serious than not filing form 8891 - The penalty for not filing the TD F 90-22.1 is up to $500,000 PLUS 5 years in jail. This form does NOT go to the IRS or with your tax return. Send it to the Department of the Treasury in Detroit at the address on the form. ----------------------------- Answers to this and other similar questions can be obtained free on Air every Sunday morning. Every Sunday at 9:00 AM on 600AM in Vancouver, I, david ingram am a regular guest on Fred Snyder of Dundee Wealth Managers' LIVE talk show called "ITS YOUR MONEY" Those outside of the Lower Mainland will be able to listen on the internet at www.600AM.com <http://www.600am.com/> Call (604) 280-0600 to have your question answered. BC listeners can also call 1-866-778-0600. Callers to the show and questioners on this board can also attend the Thursday Night seminars on finance and making your Canadian Mortgage Interest deductible. And for those in the Vancouver area, Fred is running an infomercial for 1/2 hour every night in October on Channel 10 television at "groooaaannnn" 1 AM in the morning. It has a couple of useful concepts in it that can be recorded to really get the idea. David Ingram's US/Canada Services US / Canada / Mexico tax, Immigration and working Visa Specialists US / Canada Real Estate Specialists Home office 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 (please do not fax or phone outside of those hours as this is a home office) email to taxman at centa.com <mailto:taxman at centa.com> www.centa.com <http://www.centa.com/> www.david-ingram.com <http://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. 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