Human Resource Services Webcast

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1 Human Resource Services Webcast Foreign reporting requirements in Canada and the US: What s new and why you need to comply

2 Administrative information 60 minute webcast Audio with slides For a better viewing experience, close all other applications For better sound quality, use headphones To print this entire PowerPoint presentation, click on the green Resource List widget and then Download Slides If you have questions during the live program, type them in the Ask a Question box located on the left side of screen and click Submit This presentation will be archived and available for later viewing as an on-demand presentation 2

3 Administrative information In order to receive CPD credit for this program, you must stay on for the entire live program and participate by responding to all interactive polling questions CPD credit cannot be awarded for participants who are not logged on to this webcast as themselves, who participate over the phone, or attend the on-demand version For those qualifying for CPD credit, a certificate will be sent shortly after the webcast to the address used for registration The certificate will acknowledge one hour of structured learning towards the Institute of Chartered Accountants of Ontario CPD requirement or similar accreditation For webcast participants in other jurisdictions, you should follow up with your local governing body to confirm if it meets requirements 3

4 Information reporting - Background Why the focus on offshore financial information? UBS employee Bradley Birkenfeld blows the whistle on how UBS was helping Americans evade US taxes UBS paid a find of $780 million and turned over 4,500 names of US account holders US estimates $3 to $5 trillion of US assets in offshore accounts, and $100 billion lost per year US sentenced Bradley to jail for 40 months for his role in the scheme and paid him a reward of $104 million 4

5 Information reporting - Background After UBS, the IRS greatly increased reporting requirements and increased penalties for failure to comply World wide attention on this issue with other countries such as Japan and Spain bringing in reporting rules Harper government has followed suit stating our government is committed to combating tax evasion and getting tough on tax cheats (Parliamentary Secretary Cathy McLeod) Result is that tax returns are no longer just about computing tax. Information reporting is taken very seriously and penalties for noncompliance are significant This means taxpayers must take this seriously too especially important in a cross-border move or for US citizens living abroad 5

6 Cross-border reporting requirements - Agenda Canadian Reporting: T1135 What s new? T1161 Departure from Canada reporting FATCA The new Canada US Agreement to exchange information US Reporting: FBAR Form 8938 Foreign Financial Assets Form 8891 Form 3520 trust compliance for TFSAs and RESPs Form 8621 for PFICs Concluding comments 6

7 Form T Foreign Income Verification Statement 7

8 Form T Who must file? All Canadian resident taxpayers if at any time in the year the total cost amount of all Specified Foreign Property to the taxpayer was more than $100,000 Canadian An individual does not have to file Form T1135 for the year in which the individual first becomes a resident of Canada 8

9 Form T1135 What to report Specified Foreign Property includes: funds held outside Canada tangible property situated outside Canada shares of non-resident corporations interests in non-resident trusts debts owed by non-residents, including: o government and corporate bonds o mortgages precious metals gold certificates, etc. The information required to be reported on the foreign property is much more significant than in the past The form asks for cost amounts, rather than market values 9

10 Form T1135 When must you file Form T1135 must be filed on or before the due date of an individual s income tax return, which is typically April 30 th of the year following the tax year This form cannot be e-filed (it has to be paper filed) 10

11 Form T1135 Why must you file There are substantial penalties for failure to file or making false statements or omissions Some penalties include: failure to file (maximum $2,500) failure to file knowingly or because of gross negligence (maximum $12,000) Making false statements or omissions (greater of $24,000 or 5% of the cost of the foreign property) 11

12 Form T1135 Summary Form T1135 Who must file What to report When must you file Why must you file Canadian resident taxpayers with a total cost of all Specified Foreign Property over $100,000 Cdn Specified Foreign Property (e.g. funds outside Canada, tangible property outside Canada, shares of non-resident corporations, etc.) On or before the due date of an individual s tax return (usually April 30th) Substantial penalties for failure to file or making false statements or omissions 12

13 Polling question #1 I am participating in this webcast because: (indicate all that apply!) I am interested in this topic I want to understand how to avoid penalties I need CPD credits I want to learn how to earn a $104 million reward 13

14 Form T List of Properties by an Emigrant of Canada 14

15 Form T1161 Who must file? Form must be filed by individuals who cease to be resident of Canada during the year Only have to file if the fair market value of all the properties you owned at the date of your departure exceeds $25,000 CDN Certain types of properties are excluded from being reported on this form. The CRA details them very clearly on the form itself. 15

16 Form T1161 Excluded accounts Certain other deferred benefit plans Tax-free savings accounts Registered retirement income funds Employee benefit plans Registered education savings plans Annuities Pooled registered pension plans Registered disability savings plans Pension plans Registered retirement savings plans Employee life and health trusts Retirement compensation arrangements 16

17 Form T1161 Example Five Year Rule Assets owned at arrival - Rental property in Texas shares of IBM - Engagement ring valued at $5,000 Assets purchased while resident of Canada - RV valued at $100, shares of Apple If Candace was in Canada for less than 60 months of the previous 120, what assets would be reported on her T1161? 17

18 Form T1161 Example Five Year Rule Less than 60 months -RV - Apple shares More than 60 months - Rental property in Texas - IBM shares - Apple shares -RV 18

19 Form T1161 What to report All assets which are not specifically excluded per the instructions Common items reported: non registered investments, principal residence, foreign real estate, vacation property, unexercised stock options Items we wish were excluded: Personal property with a value over $10,000, i.e. cars, boats, jewellery 19

20 Form T1161 Why must you file Departure tax Avoid penalties ($25 a day to a max of $2,500) 20

21 Form T1161 When must you file Filed as part of your Canadian tax return for the year of your departure Due on April 30 th in the year proceeding your departure No extensions Significant penalties if filed late 21

22 FATCA: US Canada Intergovernmental Agreement Canadian banks will now report to CRA account information on US account holders CRA will provide information to the IRS Welcome exceptions for RRSPs, RRIFs, TFSAs, RESPs, and RDSPs 22

23 FBAR (FinCEN Form 114; formerly TD F ) 23

24 FBAR (FinCEN Form 114; formerly TD F ) Who must file? US person (citizen, resident or entities) who have a financial interest in or signature authority over at least one financial account outside of the US Value of all foreign accounts > $10,000 at any time during the year Exceptions Individuals with signature authority, but no financial interest in an SEC registered company are exempt from this requirement in 25 or more accounts do not need to provide details for each account 24

25 FBAR, continued What to report? Information on Foreign Bank and Financial Accounts Foreign financial accounts are located outside the US and include: Securities and brokerage accounts Savings, Demand, Chequing, and Deposit accounts RRSP accounts Exceptions: Tax-Qualified Retirement Plans Need to disclose: Financial institution name, account number, account address, type of account, and maximum value of account during calendar year 25

26 FBAR, continued E-File Mandatory e-filing is now required FinCEN Form 114 supersedes TD F and is only available online through the BSA E-Filing System website When must you file? Filing deadline is June 30 Form is filed separately from tax return Why must you file? Penalties $10,000 per account, could be higher 26

27 Form 8938 Statement of Specified Foreign Financial Assets 27

28 Form 8938 Statement of Specified Foreign Financial Assets Who must file? Specified individuals and with an interest in specified foreign financial assets Specified Individual US Citizen Resident Alien (for any part of tax year) Nonresident Alien who elects to be a US tax resident Exceptions to Specified Foreign Financial Assets Financial account maintained by a US institution Financial accounts that were reported on Forms 3520/3520-A, 5471, 8621, 8865 or 8891 (but complete Part IV of the form) 28

29 Form 8938 thresholds File Form 8938 if Individuals living in the US Total value of SFFAs at any time in tax year Total value of SFFAs on last day of tax year Individuals living outside the US Total value of SFFAs at any time in tax year Total value of SFFAs on last day of tax year Single / MFS US $75,000 US $50,000 US $300,000 US $200,000 MFJ US $150,000 US $100,000 US $600,000 US $400,000 SFFAs = Specified Foreign Financial Assets U.S. filing positions on U.S. tax return: Single MFS = Married Filing Separate MFJ = Married Filing Joint 29

30 Form 8938 What to report? Requires disclosure of foreign assets such as: Bank Accounts Stocks (may have to disclose each stock separately) Pensions / Annuities Corporate Holdings Partnerships Trusts Debt Instruments Mutual Funds Insurance Contracts Puts/ calls/ straddles/ future contracts Maximum value in each of these assets during the year Information on type of account and foreign currency Amount of income associated with each asset, category and where this income is reported on the US tax return 30

31 Form 8938 What to report? Excepted Specified Foreign Financial Assets If you filed and disclosed information on: Forms 3520/ 3520A (Foreign Trusts) Form 5471 (Certain Foreign Corporations) Form 8621 (Foreign PFIC s) Form 8865 (Foreign Partnerships) Form 8891 (RRSPs) You do not need to duplicate reporting of these assets on Form 8938 You do need to disclose number of forms filed 31

32 Form 8938, continued When must you file? Form is filed with US tax return Deadline is deadline of US tax return (April 15, June 15, October 15, December 15) Why must you file? Penalty is $10,000 for late filing or failure to file 32

33 Comparison of FBAR and Form 8938 Where to mail FBAR (Foreign Bank Account Reporting) Department of Treasury Can share information with other departments Form 8938 Internal Revenue Service Restricted information sharing Who Anyone with foreign accounts > $10,000 Anyone with foreign accounts > $50,000 When June 30 th Due date of US Return (April 15 th, October 15 th, December 15 th ) Penalties Non willful, but negligent $10,000 for each negligent violation Willful Greater of $100,000 or 50% of the amount in the account Criminal $500, years in jail $10,000 & additional $40,000 Maximum $50,000 40% accuracy related penalty for under-reporting income February 28,

34 Polling question #2 What is your interest in this webcast today? Human resource / global mobility advisor Investment advisor I need to personally file these forms employee / other 34

35 Form 8891 Information Return for RRSPs 35

36 Form 8891 Information Return for RRSPs Who needs to file? Any US citizen or resident who is a beneficiary of an RRSP or an annuitant of an RRSP in the tax year What information is required? Separate form required for each RRSP Must disclose year-end value of RRSP and additional account information When is it due? File with your annual return and file by the due date for that return Why you should file RRSP income is taxable without election 36

37 Form 3520-A - Annual Information Return of Foreign Trust With a U.S. Owner 37

38 Form 3520 Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts 38

39 Form 3520-A and 3520 Who must file? Form 3520-A A foreign (non-us) trust with a US owner Form 3520 Several reasons to file. Some include: You are responsible for reporting a reportable event that occurred during the tax year You are a US person treated as the owner of any part of the assets of a foreign trust You are a US person who received a distribution from a foreign trust 39

40 Form 3520-A and 3520 What to report Information related to your RESP or TFSA: Name, address and SSN of the owner Breakdown of the amount and types of income earned during the year What was in the account at the beginning and end of the year 40

41 Form 3520-A and 3520 When must you file Form 3520-A Due by the 15 th day of the 3 rd month after the end of the trust s tax year Form 3520 Due on the date that a taxpayer s income tax return is due, including extensions 41

42 Form 3520-A and 3520 Why must you file There are substantial penalties for: failure to timely file failure to furnish all of the information required including incorrect information Both forms carry a minimum penalty of $10,000 USD 42

43 Form 3520-A and Form 3520 summary Form 3520-A and 3520 Who must file What to report When must you file Why must you file A US person with a foreign trust (RESP or TFSA) Information related to an RESP or TFSA Form 3520-A is due by March 15 th. Form 3520 is due on the date the taxpayer s income tax return is due. Substantial penalties. Both forms carry a minimum penalty of $10,

44 Form Passive Foreign Investment Corporations 44

45 Form 8621 Who must file? Form must be filed by US citizens and residents who hold investments in passive foreign investment corporations or PFICs A PFIC is a non-us corporation that meets one of two tests: 75% or more of gross income is passive income 50% or more of the corporations assets produce passive income This includes most Canadian mutual funds This also includes many private Canadian companies, and some actives business corporations 45

46 Form 8621 What to report Class and shares owned by the taxpayers Year-end value of the PFIC Purchases and sales in the year of the PFIC Income inclusions in the year This includes PFICs held within RESPs and TFSAs Exceptions to reporting: Value of all PFICs owned by taxpayer is less than $25,000 PFICs held within RRSPs, RRIFs, and RPPs 46

47 Form 8621 Why must you file The statute of limitations does not run out if forms are not filed Increased penalties for understatement of tax 47

48 Form 8621 When must you file Filed as part of your US tax return each year A separate form is required for each PFIC 48

49 Polling question #3 Prior to this webcast, were you aware of the severity of the penalties associated with not filing these forms? Yes No employee 49

50 Information reporting - Conclusion 1. People moving across the border have a much larger compliance burden than just computing income taxes 2. Penalties are high and the requirements must be taken seriously 3. There are many other disclosure requirements that we have not discussed here consult a specialist 50

51 Q & A / Presenter contact info Who can you call? Suzanne Peever Candace Kroeker Doig Nathalie Mercier Visit our website at Jeff Beech

52 Thank you This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it PricewaterhouseCoopers LLP. All rights reserved. In this document, refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership, which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity. 52

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