{"id":2098,"date":"2020-03-04T11:26:24","date_gmt":"2020-03-04T19:26:24","guid":{"rendered":"http:\/\/159.89.119.110\/?p=2098"},"modified":"2020-03-04T11:26:26","modified_gmt":"2020-03-04T19:26:26","slug":"the-irs-issues-long-awaited-good-news-for-us-persons-regarding-reporting-and-filing-requirements-for-canadian-tax-favored-foreign-trusts","status":"publish","type":"post","link":"https:\/\/previous.ca.andersen.com\/fr\/blog\/the-irs-issues-long-awaited-good-news-for-us-persons-regarding-reporting-and-filing-requirements-for-canadian-tax-favored-foreign-trusts\/","title":{"rendered":"The IRS issues long-awaited good news for US persons regarding reporting and filing requirements for  Canadian tax-favored foreign trusts"},"content":{"rendered":"\n<p>Under the <em>Internal\nRevenue Code<\/em> (IRC), certain US persons were required to file annual returns\nwith the IRS for transactions with, and ownership of, certain tax-favored\nretirement and non-retirement trusts established in a jurisdiction outside of\nthe US. <\/p>\n\n\n\n<p>The most commonly agreed upon Canadian plans that were\nsubject to the reporting requirements were the Canadian Registered Education\nSavings Plan (RESP) and Registered Disability Savings Plan (RDSP). There has\nalso been substantial debate about whether a Canadian Tax-Free Savings Account (TFSA)\nneeds to be reported as well. <strong>Failure to\nfurnish the IRS with the correct filings has resulted in the assessment of\nsubstantial taxpayer penalties.<\/strong><\/p>\n\n\n\n<p>After years of waiting, IRS Revenue Procedure 2020-17,\nissued March 2, 2020, has finally provided much-needed guidance and relief\nregarding the abovementioned plans for eligible individuals.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Eligibility for Reporting Relief<\/h2>\n\n\n\n<p>To be an eligible person for Rev. Proc. 2020-17, you must\nmeet the following criteria:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>You have properly complied with your US federal\ntax reporting obligations, to date; and<\/li><li>You have reported as income, any contributions\nto, earnings of, or distributions from, an applicable tax-favored foreign trust\non the applicable return (including on an amended return). <\/li><\/ul>\n\n\n\n<p>Once considered an eligible person, reporting will no longer\nbe required for tax-favored foreign retirement and non-retirement trusts,\nsubject to certain limitations.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Wh<\/strong>at Plans Qualify as Tax-Favored Foreign Trusts?<\/h2>\n\n\n\n<p>For a plan to qualify as a tax-favored foreign trust: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>it must generally be exempt from income tax\nunder the foreign jurisdiction\u2019s laws, with annual reporting provided to the\ntax authorities of the foreign jurisdiction<\/li><li>there must be a contribution limitation, and<\/li><li>any withdrawals must also be in line with the\nintended purposes of the plan\u2019s provisions.<\/li><\/ul>\n\n\n\n<p>Notably for retirement plans the annual contribution limit\nis US$50,000 (lifetime limit of $1,000,000) and $10,000 annual contributions\n(lifetime limit $200,000) for non-retirement plans. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">New Requests for Abatement and Refunds Allowed<\/h2>\n\n\n\n<p>Another area of good news is if a US person has previously\nbeen assessed the penalty for late filing of forms, the IRS has provided\nprocedures for requesting abatement and requesting a refund. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">US Persons Can Benefit from RESPs and RDSPs<\/h2>\n\n\n\n<p>The bottom line \u2013 after a couple of years that have brought\na lot of pain to US individuals with international tax reporting obligations, the\nIRS has finally provided a bit of relief. US persons may benefit from opening\nRESPs and RDSPs going forward while setting their minds at ease that the IRS\nwill not penalize them for doing so.&nbsp; <strong>However,\nit<\/strong><strong> is important to note that even\nwith the reduced compliance requirements, the income earned in these foreign\ntrusts will still be taxable on an annual basis. <\/strong><\/p>\n\n\n\n<p>The IRS guidance doesn\u2019t address US tax reporting\nrequirements for TFSAs.&nbsp; In past years,\nwe have reviewed TFSA legislation, various formation documents, and discussed\nthe concept with the IRS and concluded that TFSAs are not trusts for US federal\nincome tax, there is no additional reporting required on IRS Form 3520 or\n3520-A.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Under the Internal Revenue Code (IRC), certain US persons were required to file annual returns with the IRS for transactions with, and ownership of, certain tax-favored retirement and non-retirement trusts established in a jurisdiction outside of the US. The most commonly agreed upon Canadian plans that were subject to the reporting requirements were the Canadian [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2101,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20,21,51,53],"tags":[],"class_list":["post-2098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-compliance","category-cross-border-tax","category-us-citizens-resident-in-canada","category-us-reporting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The IRS issues long-awaited good news for US persons regarding reporting and filing requirements for Canadian tax-favored foreign trusts &#8211; Andersen<\/title>\n<meta name=\"description\" content=\"ALERT: IRS provides new guidance and relief for eligible US persons regarding tax-favoured (Canadian) foreign trusts including RESPs and RDSPs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/previous.ca.andersen.com\/fr\/blog\/the-irs-issues-long-awaited-good-news-for-us-persons-regarding-reporting-and-filing-requirements-for-canadian-tax-favored-foreign-trusts\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The IRS issues long-awaited good news for US persons regarding reporting and filing requirements for Canadian tax-favored foreign trusts &#8211; 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