swongtax
Level 4
01-08-2020
06:55 PM
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I was able to find more info. The link above is a presentation published in 2016, which explains the reporting requirements on FBAR and /or Form 8938 for different types of Canadian Registered Plans.
- Canadian RPP (are considered employer sponsored 401K plans) are not reportable on FBAR, but is reportable on FORM 8938. (This is what my client has)
- Government sponsored - plans RRSP (i.e. IRA) are reportable on both FBAR and Form 8938.
- Tax Savings Accounts (i.e. ROTH IRA) are reportable on both FBAR and Form 8938, and investment income is taxable in the US to the taxpayer/holder.
Am I reading the presentation correctly?
Sui