# Canadian Annuities, TFSA and CSB reporting on US return



## ConfusedCdnUSres (Mar 9, 2016)

I'm considered both a Canadian and US citizen. I grew up in the states but moved to Canada decades ago. I live, work and own a home in Canada. I've already filed my Canadian taxes I just need some help with my US.

I received a Canadian t4a for my Cdn annuity payments received for the year and I'm unsure where I would claim that on my US return. Do I need to claim it at all?

Also I've been reading everyone else's posts about their TFSA and mine is not a trust but considered a deposit account, would I still need to file a 3520?

Oh and I've got a CSB (Canada Savings Bond). Other then my FBAR would I need to file anything extra for that?

Thanks!


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## Bevdeforges (Nov 16, 2007)

Not sure what a t4a is, but generally speaking the IRS has their own requirements for reporting and the figures you're given for Canadian tax purposes may or may not be the figures you should be reporting on your US taxes. For annuity payments, take a look at IRS publication 939 https://www.irs.gov/uac/About-Publication-939

You'll get varying opinions about the TFSA, but if yours really is a deposit account, you may want to report it as such (i.e. not bother with the 3520). As long as you are disclosing everything in good faith, you can let the IRS be the judge of whether or not they need/want the additional forms. If they do, they'll be in touch. But you're giving them everything they need to know to make that decision, so you aren't hiding or evading anything.
Cheers,
Bev


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## byline (Dec 5, 2011)

Bev, in Canada a T4 is like a W-2 form in the U.S., showing income from an employer. A T4A is a tax slip one receives showing income from savings accounts, pensions, annuities, etc. For both my Canadian and U.S. tax returns, I have been reporting interest income on my regular savings account, so I'm guessing that would apply to a TFSA, as well (though I could be wrong about that).

Years ago, when I had a TFSA, I did the arduous Form 3520 filing because my tax preparer at that time told me I had to. (Since then folks here have told me I never should have had to do that, but there does seem to be a difference of opinion on that topic.) Because it was such a huge headache, I ended up emptying out the TFSA to avoid filing the reams of paperwork ... all to show that I owed 0 tax.


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## Stargazer (Jan 10, 2009)

What is your TFSA invested in?

I usually report anything in a T4A as income. If I recall correctly, we get them for extra work my husband has done for his job, and there is often no tax taken out at source.


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## ConfusedCdnUSres (Mar 9, 2016)

Stargazer said:


> What is your TFSA invested in?
> 
> I usually report anything in a T4A as income. If I recall correctly, we get them for extra work my husband has done for his job, and there is often no tax taken out at source.


The TFSA is invested in a deposit account.

The T4a is for an annuity I receive.


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## Pro.wolf (Apr 4, 2016)

I just relearned about form 3530 a couple hours ago, in this forum by reading a note by byline. I have sent an email to the cpa that did my streamline paperwor (just filed yesterday). Waiting to heard back, I have a TSFA and a RESP (with a very low Canadian dollar amount) and they didn't complete a 3520

I am so confused with all these forms and what we have to file. I think I will be having a Herat attack soon due to all the stress this filing process generates.

Doesn't anyone knows if we indeed have to file 3530 for TFSA and RESP?


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## Pro.wolf (Apr 4, 2016)

Pro.wolf said:


> I just relearned about form 3530 a couple hours ago, in this forum by reading a note by byline. I have sent an email to the cpa that did my streamline paperwor (just filed yesterday). Waiting to heard back, I have a TSFA and a RESP (with a very low Canadian dollar amount) and they didn't complete a 3520
> 
> I am so confused with all these forms and what we have to file. I think I will be having a Herat attack soon due to all the stress this filing process generates.
> 
> Doesn't anyone knows if we indeed have to file 3530 for TFSA and RESP?


I meant 'learned about form 3520...' This process is already affecting my writing skills


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## maz57 (Apr 17, 2012)

Pro.wolf said:


> I am so confused with all these forms and what we have to file. I think I will be having a Herat attack soon due to all the stress this filing process generates.
> 
> Doesn't anyone knows if we indeed have to file 3530 for TFSA and RESP?


I think you can relax and skip that Herat attack! If your TFSA is just a simple deposit account it is not a trust and therefore doesn't need a 3520. The RESP is more problematical because it probably is a trust (under IRS rules) but the IRS has offered zero guidance on how to report them even though they are quite common for expats who live in Canada. My take? If you declared the income, don't worry about it. Not even the experts (your CPA) know for sure. Nobody at the IRS does, either.

The IRS hates 2 things: deferring paying tax on income and anything foreign. That is why they want all these information forms, to prevent people from owning anything foreign or structures which defer tax. You can't fix the foreign aspect but if you have declared the income they don't have much to complain about.

As far as tuning up your writing skills goes, the only thing which will fix that is to write a $2350 check at the nearest Consulate!


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