Proc. [7] Currently, any Canadian Registered Retirement Savings Plan (RRSP) with a U.S. owner, which is treated as a foreign trust, must file a Form 3520-A. Amended returnB. Proc. foreign trust. This is very important news, since the compliance burden for reporting Canadian Registered Education … Forms 3520, 3520-A. Trust Executor. Form 3520 for. However, no Form 3520-A is required if the U.S. beneficiary files an election under Rev. By having the grandparents becoming the subscribers of the RESP, I am hopefully able to avoid the anual reporting of this as a trust … On March 2, 2020 Internal Revenue Service issued Rev. A. The answer I reached is that the IRS rules for the Form 3520 filing threshold only require that such a disclosure is required where the annual "gift" total received is greater than $100,000 from a single nonresident alien individual, or $100,000 in total from persons related to each other. Partnership Corporation. Canadian RRSP and RRIF. 2014-55). Check box that applies to person filing return: Individual. That's a good question you ask. RRSP is Exempt from 3520 – What does this Mean? Form 8938. each . 2020-17 which provides relief from reporting certain foreign trusts on forms 3520 and 3520A, and which provides for procedures to recover previously assessed penalties for failing to comply with Code Sec 6048. For example, those with a Canadian registered retirement savings plan (RRSP) or a Canadian registered retirement income fund (RRIF) do not have to file to report transfers to, ownership of, or distributions from the RRSP or RRIF. RRSPs are permanently exempt from the Form 3520 and Form 3520-A filing requirements, even though they meet the definition of being “foreign trusts” in U.S. tax law. The IRS has provided an exception to filing Forms 3520 and 3520-A (see SUBSTITUTE Form 3520-A below) for Canadian registered retirement savings plans (RRSPs) and registered retirement income funds (RRIFs) (See IRS Rev. A few years back, the IRS did away with the annual reporting required on Form 8891, and the RRSP is exempt from Form 3520 reporting. While the exception is limited to the Canadian pension plans, it shows that the purpose of forms 3520 and 3520- A are not to report foreign pension plans on these forms. 2002-23, 2002-15 I.R.B. The RRSP reporting requirements for FBAR & FATCA Form 8938 are relatively straightforward, as is the tax filing requirements. Form 3520 need not be filed to report an interest in a Canadian registered retirement savings plan (“RRSP”) or a Canadian registered retirement income fund (“RRIF”). The RRSP is a Registered Retirement Savings Plan. For example, Canadian Registered Retirement Savings Plans (RRSP) do not have to be reported on Form 3520, as the instructions to that form expressly provide that “Form 3520 does not have to be filed” to report transfers to, ownership of, and distributions from such plans. The IRS has carved out an exception for one of the more common foreign pensions held by U.S. person, the Canadian RRSP . Form 3520 is due to be filed by the 15th day of the fourth month following the … Your RRSP is a foreign financial asset to be reported on Form 8938–if you are required to file this form. In Notice 2003-75, issued on December 15, 2003, the IRS provided guidance which specifically eliminated the need to file Form 3520 and Form 3520-A with respect to Canadian RRSPs and RRIFs. Proc. (March 26, 2002), to defer U.S. income tax until the income is distributed. I did some tax research on it it for you. Transfers to, ownership of, and distributions from a Canadian registered retirement savings plan (RRSP), a Canadian registered retirement income fund (RRIF), or any other Canadian retirement plan that is within the meaning of section 3 of Revenue Procedure 2014-55 are exempt from the Form 3520 reporting requirement. Final return. 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