Through research, I will need to submit a Form 8938 because I am over the threshold for foreign accounts and FBAR. However, I have questions with the Form 8938.
- Is my RRSP a financial account or asset on this form?
- I didn?t take any money out in of my RRSP in 2016 but I did contribute a small amount in Jan/Feb.
- Would ?Amounts Related to Foreign Financial Accounts? ?i.e. interest earned, dividends, royalties, gains/losses, deductions, credit all be $0.00?
- My personal Tangerine savings account made like $7 interest? is that even worth reporting to the IRS?
If it's pretty simple then I can submit both forms but if it is more complex, then I will get a someone to fill this form and any others.