Another Tax reporting question for RRSP on US Taxes 8891 - TDF 90-22.1 -

My_question_is: Applicable to both US and Canada
Subject:        Another Tax reporting question for RRSP on US Taxes
Expert:         taxman at
Date:           Friday January 26, 2007
Time:           12:24 PM -0500
I have read with interest your answers saying Cdn RRSPs must be reported in
the US on TDF 90-22.1 and FORM 8891.
For the past several years,  I have been reporting my CDN RRSPs on form 8893
(which stemmed from IRS notice 2003-57)on my US taxes.
When did the reporting requirement change? (I am trying to figure out if I
have to amend previous years returns).
david ingram replies:
Form 8893 has nothing to do with RRSP accounts - you must have done 8891.
If you did do the partnership election on form 8893, it certainly has no
information that fits in with IRS Notice 2003-57.
Formn 8891 came out for the 2004 tax year.  If you did not do the proper
form, do the 8891  AND the TDF 90 forms now and get them in.
QUESTION: I am a Canadian citizen working in US on H1B visa for last three
and half years.
Before coming to US I have some investment in RRSPs and also have a bank
accounts in Canada
For last three years I am paying taxes in US. First year I filed papers in
both countries and paid additional tax in Canada
My question is do I have to file any tax papers in Canada for my earnings in
US  or for the RRSP investment in Canada? Or do I have to declare anything
on my US tax filings?
david ingram replies:
If you are living full time in the US with no immediate family (wife and
children) in Canada, you do not need to file a Canadian return.
All of your account holders should Know that you are living in the US. If
any interest or dividends are paid to you by a financial institution, the
institution should deduct withholding tax and remit it to Canada.  No
Withholding is required for RRSP profits BUT,
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 -
penalty for not filing is 35% of the amount in the plan plus 5% per year for
every year you fail to report it.
	find T D F 90-22.1 here -
penalty for failing to file a TDF 90-22.1 for each foreign account is up to
$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
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