| | | March 2020 | IRS provides relief for U.S. citizens & residents with certain Canadian registered savings accounts
Trevor Reid, CPA, CA, TEP, is a partner at Baker Tilly SK | | U.S. citizens and residents who own foreign trusts are often caught by the rules of the Internal Revenue Code section 6048, which requires those individuals to report transactions with, or ownership of, foreign trusts. This information is reported on Forms 3520 and 3520-A. Non-compliance with these laws comes with steep penalties starting at $10,000 per missed filing. |
| | | Baker Tilly Ottawa LLP 400-301 Moodie Drive
Ottawa, ON
K2H 9C4 Canada
ottawa@bakertilly.ca
www.bakertilly.ca |
| This email is sent by Baker Tilly Ottawa LLP, formerly Collins Barrow Ottawa LLP. 400-301 Moodie Drive, Ontario, ON, K2H 9C4, Canada.
Baker Tilly Canada periodically publishes U.S. Tax Alert for its clients and associates. It is designed to highlight and summarize the continually changing tax and business scene across Canada with respect to U.S. issues. While U.S. Tax Alert may suggest general planning ideas, we recommend professional advice always be sought before taking specific planning steps. |
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