# Form 8938 questions



## greygardens (Oct 16, 2018)

Hello,
Filling out the form as have some Canadian accounts over the threshold. 
Seems easy enough for checking and saving accounts - will be listed as "deposit" accounts in the section I.
Now, for the hard stuff:

Account 1: TFSA held in a bank with some mutual funds in it. 
Will go into section V as a deposit account, also into section III.1e as funds were withdrawn with a loss and account closed.

Account 2: TFSA held in another bank with US stocks in it.
Will go into a section VI.
1. Description of asset - "Brokerage account"
2. ID number or other designation - account number
3, 4, 5, 6. easy
7. skip
8. Entity questions - what is an entity, account, account holder or an institution that holds the account?
Issuer checked???
Individual checked? or should it be a corporation?
Foreign person checked, but if they are talking about me, should it be US Person?

Account 3: Investment account (not TFSA) in a Canadian brokerage firm that holds US stocks in it.
Same as account 2.

Account 4: RRSP account with segregated funds in it, held in an assurance company
Will go into a section VI.
1. Description of asset - "Registered Retirement Account"
2. ID number or other designation - account number
3. Part of the asset was withdrawn – should the date of withdrawal go into VI.3b? 
Taxes were paid to Canada, no taxes paid to US, as there was a loss – should the checkbox VI.3d be unchecked? How do I report withdrawal in section III – III.2f, as a deduction or III.2d, as other income ?
4, 5, 6. easy
7. skip
8. Issuer checked
Individual checked
Foreign person checked 

Now, from law.cornell.edu/cfr/text/26/1.1471-5#b_3_i

"(ii)Custodial account. The term custodial account means an arrangement for holding a financial instrument, contract, or investment (including, but not limited to, a share of stock in a corporation, a note, bond, debenture, or other evidence of indebtedness, a currency or commodity transaction, a credit default swap, a swap based upon a nonfinancial index, a notional principal contract as defined in § 1.446-3(c), an insurance or annuity contract, and any option or other derivative instrument) for the benefit of another person."

Reading this, any account above that is not RRSP/checking/saving would fall under the Custodial category, and in my case Accounts 1, 2, 3 should be reported as Custodian. What do you think?

Could you please comment on my choices? Thanks a LOT!!!


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## Nononymous (Jul 12, 2011)

For questions this specific, you may struggle to find an answer here. (All I can say is I have no idea since I refuse to file US taxes.) There are some specific US-Canada tax forums out there that might be more useful to you.


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## greygardens (Oct 16, 2018)

I understand there might be variations - just wanted to see what people do...


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