$10, 000 rule for TDF 90-22.1 = 8891 - RRSP -
David,
You keep mentioning that if you area person who has to inform the IRS that you have Canadian RRSP that IT MUST be done or you are subject to a fine. I spoke with the IRS and they don’t care to know about it unless the RRSP value is 10k or more. Is that right?
---------------------------
david ingram replies:
Half right.
The TDF 90-22.1 does not need to be filled in if the total of all foreign accounts is less than $10,000.
The 8891 has to be filled in for any RRSP.
So if you had three RRSP accounts for $3,200 each, you would need to do three 8891 forms but no TDF 90's
And if you had an RRSP for $8,000 and another account(s) that you had co-signed or held jointly with a mother or father with over $2,000 total, you would need to fill out both TDF 90's and 8891s.
Note that the regulations for the TDF 90 refers to "Signing Authority". It does NOT have to be "your" account.
If you are a US citizen or green card holder living in Canada and sign company, church, boy scout or union accounts, they have to be reported as well.
You have to report the internal earnings to the IRS on
US form 8891 and the
existence of ALL your Canadian accounts to the
Department of the Treasury on
form TDF 90-22.1
find 8891 here - http://www.irs.gov/pub/irs-pdf/f8891.pdf
penalty for not filing is 35% of the amount in the plan
plus 5% per year for
every year you fail to report it.
every year you fail to report it.
find T D F 90-22.1 here - http://www.irs.gov/pub/irs-pdf/f9022-1.pdf
penalty for failing to file a TDF 90-22.1 for each
foreign account is up to
$500,000 plus 5 years in jail.
$500,000 plus 5 years in jail.
I actually had a 105 year old client who was sent a
$10,000 fine for not
reporting $38,000 in the Royal Bank of Canada in Edgemont Village in North
Vancouver.
reporting $38,000 in the Royal Bank of Canada in Edgemont Village in North
Vancouver.
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