A. 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. On March 2, 2020 Internal Revenue Service issued Rev. 2014-55). 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. RRSP is Exempt from 3520 – What does this Mean? Question regarding form 3520 and Canadian RESP reporting for trusts.I am Canadian who is now US resident.Before moving to the US and becoming US resident - I transferred my family RESP - to my parents - Canadians. Forms 3520, 3520-A. foreign trust. 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. Proc. I did some tax research on it it for you. 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. Proc. Partnership Corporation. However, no Form 3520-A is required if the U.S. beneficiary files an election under 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. Trust Executor. 2002-23, 2002-15 I.R.B. Form 8938. The RRSP is a Registered Retirement Savings Plan. 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”). 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. Form 3520 is due to be filed by the 15th day of the fourth month following the … (March 26, 2002), to defer U.S. income tax until the income is distributed. 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 RRSP reporting requirements for FBAR & FATCA Form 8938 are relatively straightforward, as is the tax filing requirements. Form 3520 for. Check box that applies to person filing return: Individual. 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. Your RRSP is a foreign financial asset to be reported on Form 8938–if you are required to file this form. The IRS has carved out an exception for one of the more common foreign pensions held by U.S. person, the Canadian RRSP . 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. Amended returnB. Proc. That's a good question you ask. each . By having the grandparents becoming the subscribers of the RESP, I am hopefully able to avoid the anual reporting of this as a trust … Canadian RRSP and RRIF. Check appropriate boxes: Initial return. 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