rrsp questions

[golflover]

hello all

i have a question about RRSPs....i am a canadian citizen and my wife is an american citizen and permanent resident of canada. she lives here with me in canada. i have an individual RRSP account that is in my name only. it is not a spousal RRSP account. the account is valued at about 80,000. my wife is however listed as the beneficiary on the account....if i were to die she would inherit the money. but as of now she has no authority over the account whatsoever. my question is this....would she be required to report this account on an FBAR? i have been told no because she has no authority over the account and she is not the annuitor or contributor for the account. i am both the annuitor and contributor for the account. if someone can back back to me i would appreciate it.

sincerely
tim

[Auld Yin]

No, she does not need to report this at this time. When/if she inherits the funds then reporting would be required.

[golflover]

Originally Posted by Auld Yin

No, she does not need to report this at this time. When/if she inherits the funds then reporting would be required.

hi auld

thank you so much for your quick response...i had another question for you as well if i may. i have life insurance through my work. it is basically term insurance with no cash value. if i were to die, my wife would inherit twice my annual salary as a lump sum payment. would i be correct in assuming that she would not have to report this either on an FBAR? i would think not, but if you could please let me know i would appreciate it. thanks very much.

sincerely
tim

[Oggy]

Hi Tim

Expat Forum now has a section where members can discuss tax related issues. You might find it helpful.

Expat Tax - Expat Forum For Expats, For Moving Overseas And For Jobs Abroad