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Foreign Account Filing Requirement

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    #1

    Foreign Account Filing Requirement

    Taxpayer has an account in an insurance company in oversea. Based on his explanation, the account works very similar to a 529 plan in the US. The funds in the account is accumulated for the purpose of paying for the college education expenses of their daughter in the future.

    Is such an account subject to the TD F 90-22.1 requirement if the balance during the year exceeded $10,000 USD?
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    #2
    I would say yes. In addition if value is over $50,000 there is another form to be filed.

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