finCEN 114

[Forensicacctnt]

A client who is a citizen of Canada and has been living and working in the U.S. for several years and filing tax returns here. She has monies in two Canadian retirement plans. I have read that monies in "tax-qualified retirement plans" do not have to be filed on finCEN 114. But I cannot find out if her retirement plans come under this exemption. Also, would they have to be reported on IRS form 8938 Statement of Specified Foreign Financial Assets? Thank you!

[Gretel]

I have a client with Canadian savings account and retirement account. I have been filing finCEN114 for the savings account balance and form 8938 for the retirement account as custodial account.

[Forensicacctnt]

I have a client with Canadian savings account and retirement account. I have been filing finCEN114 for the savings account balance and form 8938 for the retirement account as custodial account.

Thank you for this information. Is there a minimum threshold for the requirement on filing finCEN114 and form 8938?

[mactoolsix]

Perhaps this will help:

https://www.irs.gov/uac/newsroom/irs-simplifies-procedures-for-favorable-tax-treatment-on-canadian-retirement-plans-and-annual-reporting-requirements

And then read the exceptions here:

https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar