Foreign income

[Earl]

Client received dividends from Cenovus Energy Inc. through Computershare Trust Company of Canada located in Toronto, Ontario.
Does this require completing questions on Schedule B, or filing of Form 3520.

[Roland Slugg]

You didn't give us much information, so I am assuming the client is just an investor in Cenovus Energy ... not one of its key executives ... and I also assume the client is a U.S. resident.

Does this require completing questions on Schedule B ...

Maybe. If the client's shares are held in a brokerage account in the United States, and the dividends are paid into that account by Computershare Canada (Toronto), then he should answer "No" to Question 7a. If the shares are held in a brokerage account physically located in Canada, then he should answer "Yes" to Question 7a. If he holds the shares directly ... i.e. in his own name, not in a broker's account ... then he should answer "No" to Question 7a. Holding shares in a foreign corporation does not constitute having a "foreign account." Computershare Canada is just Cenovus Energy's dividends disbursing agent. He may or may not have to file form TD F 90-22.1. See the instructions.

... or filing of Form 3520.

Probably not, but read the instructions for F-3520 to see if the client meets any of the filing requirements.