At 03:32 AM 2/9/2007, you wrote:
------------------------------------------
Subject:
TD F 90-22.1
Expert:
[email protected]Date:
Thursday February 08,
2007
Time: 01:25
PM -0500
QUESTION:
Can you please explain the purpose of this form
and tell me if I need to
file it. I am US citizen married to a Canadian
and living in Canada for
several years. I am filing married separately
in US. I was finally added to
the checking account, savings account, and
GIC's in 2006. So I now have
signature authority, but what does
"financial interest in" mean exactly?
Since we were married,have I had
financial interest in his accounts prior to
my name being added? Since
my US interest amount was over $1500 this year
and I had to fill out a
Schedule B, I just noticed this. I hate this tax
stuff - do they just
make it difficult on
purpose??
-------------------------------------
david ingram
replies:
If the combined total of all the accounts you have signing
authority over
exceeds $10,000 US, you MUST file a TDF form for each and
every account. I
suggest that you do a whole form for each account
rather than filling out
page two which allows for three accounts per
page. That was, if you wish to
change an account it is much easier than
pulling one out of the middle of
page 2.
The penalty for getting
caught if you do not fill them in is up to $500,000
PLUS 5 years in
jail.
I knew one person personally who has done jail time over these and
know of
one other 68 year old lady who was given 6 months and a $60,000 fine
but the
jail time was suspended and she did not go to jail. Another 105
year old
lady received a $10,000 fine.
You must fill them in.
A
financial interest occurs if it is your money or half your money or
ten
percent your money.
If you are simply signing cheques for the
Church Bazaar or a Girl Guide
Troup of the company payroll cheques
where you work, you would not have a
financial interest.
Depending
upon your agreement with your husband, you may or may not have a
financial
interest in the accounts. If you are simply capable of signing on
the
accounts and they are still "his", you do not have a financial interest
while
he is alive and the marriage is in good standing.
If, on the other hand,
he specifically put your name on as a joint tenant
with right of
survivorship, than you likely do have a financial interest.
The purpose
of the TDF is to stop US citizens from hiding money in
foreign
countries.
-------------------------
David Ingram's US / Canada
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