Question

Canadian RRSP reporting on Schedule B of 1040

Forum|Forum|2 years ago
March 14, 2024
1 reply
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Hi,

Do owners of Canadian RRSP accounts have to report them on Schedule B, even when the interest of the RRSP is stated as 0? I know I have to report the RRSP when filing FBAR and 8938 (if necessary). In fact, in the case of RRSP reported on 8938, that form asks where (Schedule and line number) that RRSP interest was reported.

Thanks

M

mglauner

Most Canadian RRSP's are only reported when a distribution is taken.

At that time, the income is reported under Wages & Income > Miscellaneous Income, 1099-A, 1099-C > Other Reportable Income, with description 'Canadian RRSP' and Amount.

If Canadian tax was paid, you can claim a Foreign Tax Credit as well.

You will not be required to file Form 8938 or FBAR for your Retirement account.

Here's details Comparing Form 8938 and FBAR.

S

SvilenMAuthor

Hi,

Thanks for replying.
I have to file 8938 not only because of the RRSP but because of overall value of my foreign accounts. And I have been filing FBAR for years with the RRSP reported there. I don't have distributions nor contributions from/to the RRSP. But this year I have to file 8938 because I went over the reporting limit. From what I read, RRSPs are to be reported in the Other financial assets section of the 8938 and if I do that,the form (8938) asks where, on which schedule and line number the interest from the RRSP was reported. Interest is 0, though.

Thanks

SusanY1

This is correct. If you are subject to 8938 reporting, you will list your RRSP as an "other financial asset" with a value of 0 (since that's the value of your distributions and you don't have a year-end fair market value available to report.)

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