This form should report the existence of the RRSP. Therefore you must report them on FBAR and Form 8938 if applicable. A US citizen with foreign grantor trusts must file Form 3520 and Form 3520A. Discussion Starter • #1 • Feb 22, 2014. But for 2014, lots of luck. Appropriate disclosure should also be made in answering the questions on Schedule B of Form 1040. Form 8938 Deadline and Form 8938 Statute of Limitations . It has applied since the 2011 tax year, so that’s three years of forms I hope you filed. The Form 8938 is filed as an attachment to the US person’s annual income tax return. Registered Retirement Income Fund (RRIF) On turning 71, your RRSP becomes an RRIF – you may choose to do that earlier too. For example, there is no exemption from reporting RRSPs as an asset on Form 8938; rather, the 2014 instructions to Form 8938 expressly provide that RRSPs must be reported. Watch out for Form 8938. Proc. Ordinarily you would report an RRSP by attaching Form 8891 to your tax return and noting that fact on Form 8938, Part IV, Line 6. • Reportable on Form 8938 RRSP Canada Pension and Savings Plans| Max Reed | max@skltax.com 9 • According to IRS, RRSP is an annuity • After tax contributions should increase basis in the plan • Canadian who moves to the US and takes out money from RRSP should have high basis and low For U.S. tax purposes, both RRSPs and TFSAs are considered bank accounts over which you have signatory authority. 2014-55 does not modify any other U.S. reporting requirements that may apply under Code Sec. Finally, if the appropriate thresholds are reached, the TFSA must be declared on an FBAR, along with Form 8938, in order to meet the requirements of the FATCA - Foreign Account Tax Compliance Act. Form 8938 is used by certain U.S. taxpayers and businesses to report foreign-held assets in excess of certain amounts, depending on filing status. Thus, although RRSPs are exempt from being reported on Form 3520, that does not mean that they are exempt from being reported elsewhere. TFSAs might also be considered a foreign grantor trust by the United States. It is part of FATCA, an act passed by the Obama administration in 2010 to curb foreign tax evasion. If I have a non-registered (not RRSP or RESP) account with mutual funds with one of the big investment financial institutions (Fidelity, CI, etc), is that a "custodial" account for purposes of U.S. tax form 8938? This defers taxation of income earned within an RRSP, as long as the contributions were made while a resident of Canada. The other U.S. reporting requirements associated with How to Report RRSP Distribution on U.S. Tax Return, such as the filing of the annual FBAR and Form 8938 for plans meeting the relevant thresholds, remain the same. Are Canadian RRSP's reportable on form 8938? 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